Let’s quickly go over the recent events: Last week, Elon Musk, the head of Tesla and SpaceX, purchased a significant stake in Twitter. Subsequently, Twitter announced that Musk would join their board of directors, but he later changed his mind. Are you following so far? Good, because things have taken an unexpected turn.
In a recent filing with the Securities and Exchange Commission, Musk formally proposed to acquire Twitter entirely. He intends to buy all of the company’s shares for $54.20 each, totaling approximately $41.39 billion, and make the company private. Not only is this a substantial sum of money, but it represents a 38% premium over Twitter’s stock price as of April 1.
“I initially invested in Twitter because I saw its potential to become the leading platform for free speech worldwide, which I believe is crucial for a functioning democracy,” Musk stated in a letter to Twitter’s chair, Bret Taylor (notably, not addressing the CEO, Parag Agrawal). “However, after my investment, I’ve come to realize that Twitter cannot fulfill this societal need in its current state. It needs to undergo a transformation as a private entity.”
Billionaire Elon Musk offers to buy Twitter for $41.39 billion, a regulatory filing shows Source
— Reuters (@Reuters) April 14, 2022
“Twitter possesses exceptional potential, and I am determined to unleash it,” Musk emphasized.
Twitter has acknowledged receiving Musk’s proposal and stated that they will carefully assess it to determine the most advantageous course of action for the company and its shareholders.
(function() {
var loaded = false;
var loadFB = function() {
if (loaded) return;
loaded = true;
(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s);
js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.0”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
};
setTimeout(loadFB, 0);
document.body.addEventListener(‘bimberLoadFbSdk’, loadFB);
})();
