Elon Musk proposes $43.4bn take over bid for Twitter

Business

The world’s richest man, Elon Musk, on Wednesday offered to buy 100% of the Twitter stock.

According to a stock exchange filing with the Securities and Exchange Commission, SEC, Musk proposes $54.20 per share.

This puts the value of the social media company at $43.4 billion.

The filing reads;

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe.

“And I believe free speech is a societal imperative for a functioning democracy.

“However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form.

“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 54% premium over the day before I began investing in Twitter.”

“I’m Ready To Unlock Twitter’s Potential”

Musk is the biggest Twitter shareholder, and he revealed in his bid that it was the final and best offer.

In addition, he revealed that he would have second thoughts about his shares if the offer was not accepted.

He believed that the potential of Twitter is extraordinary, and he was ready to unlock it.

Also, Musk, who is the CEO and co-founder of Tesla, is worth $273 billion as the world’s richest man.

The Tesla Boss has more than 80 million followers on Twitter, and he is the biggest shareholder of the company.

He revealed last week that he had acquired 73.5 million shares of the company’s common stock, representing 9.2% of total stock.

However, the board gave him a seat but he rejected it at the weekend.

Twitter Board’s Reaction

Twitter’s board released a statement yesterday that it would take a closer look at the bid.

The statement reads in part;

“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,”

Time will tell if the board would accept Mr Elon Musk’s offer.

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