Elon Musk is offering to buy Twitter in a takeover attempt

Tesla CEO Elon Musk doing his ‘best and last’ Offer to buy 100 percent of Twitter in an updated 13D filed with the SEC on Thursday. He is offering $54.20 per share in cash.

Of course Musk had to sneak a “420” into the offer.

Musk is offering to “purchase all outstanding common stock of the issuer not owned by the reporting person for cash, valuing the common stock at $54.20 per share.” The proposal was conveyed in a letter to Twitter on April 13. Musk says Twitter needs to go private to go through the changes that need to be made.

“I invested in Twitter because I believe in its potential to be the platform for free speech around the world, and I believe that free speech is a societal imperative for a functioning democracy,” Musk said in a letter to the Twitter chairman Bret Taylor. “Twitter has extraordinary potential. I will unlock it.”

“I’d have to reconsider my position as a shareholder,” Musk says if his offer isn’t accepted.

Twitter issued a press release Acknowledging the offer, he said, “Twitter’s board of directors will carefully review the proposal to determine what course of action it believes is in the best interests of the company and all Twitter shareholders.”

Musk’s net worth is around $260 billion. according to Bloomberg. Twitter’s market valuation is approximately $37 billion. Musk’s offer is valued at about $43 billion, according to Twitter CNBC.

Twitter shares are up over 13 percent premarket following the news. Tesla shares are down 1.5 percent on fears Twitter’s biggest fan – who already runs Tesla, SpaceX, The Boring Company and Neuralink – could be distracted from his new pet. Musk once said that to Twitter co-founder and ex-CEO Jack Dorsey It’s a bad idea run two companies at the same time.

That will he/will not buy the twitter saga started in earnest when it was revealed just ten days ago that the world’s richest man had acquired a 9.2 percent stake in the company. Shortly after Twitter announced that Musk would be appointed to its board of directors, that fell out days ago, prompting Twitter CEO Parag Agrawal to tell employees, “There will be distractions.”

A hostile takeover will surely distract everyone involved.

Below is the full text of the letter Musk sent to Twitter, as per the SEC filing:

Bret Taylor

President of the Board of Directors

I invested in Twitter because I believe in its potential to be the platform for free speech around the world and that free speech is a societal imperative for a functioning democracy.

However, since my investment, I have come to realize that the company will not thrive in its current form, nor will it serve this societal imperative. Twitter needs to be transformed as a private company.

As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a premium of 54% from the day before I started investing in Twitter and a premium of 38% from the day before my investment was made public. My offer is my best and final offer and if not accepted I would have to reconsider my position as a shareholder.

Twitter has extraordinary potential. I will unlock it.

Elon Musk

https://www.theverge.com/2022/4/14/23024905/elon-musk-offers-to-buy-twitter Elon Musk is offering to buy Twitter in a takeover attempt

Fry Electronics Team

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