Elon Musk Makes Bid To Buy 100 Percent Of Twitter Shares

Billionaire made an offer to buy all of ‘s unclaimed stock. According to filings with the US Securities and Exchange Commission (SEC), Thursday (14/4), Musk offered to acquire all shares in Twitter that he didn’t own for $54.20 per share.

“[Elon] made an offer to buy 100 percent of Twitter [shares] at $54.20 per share in a cash transaction and then make it private,” Forbes quoted him as saying.

Read More

It is known, Twitter’s share price reached US $ 51.41 during trading Thursday (14/3) morning.

Musk added that the $54.20 per share offer was his “best and last offer”. If not accepted, he will “reconsider” his position as the company’s largest shareholder.

The SpaceX CEO, based on the data submitted, believes in Twitter’s potential to become a free speech platform and serve “urgent social needs”.

He also said the offer was made after realizing that the company “will not thrive or serve urgent social needs in its current form”.

“I believe that companies need to be private to go through the changes that need to be made,” he said.

Based on SEC data, the offer was sent to the company on Wednesday (13/4) evening. With Musk’s offering, Twitter’s valuation is estimated at $43 billion.

Previously, Elon Musk bought a 9.2 percent stake in Twitter and made it the largest individual shareholder. Had been rumored to be on the board of directors, he refused the offer to join and continued to tweet about the potential reshuffle on Twitter.

Long before this offer, Musk was convicted by the SEC of issuing false and misleading tweets after declaring he would buy all of ‘s $420 stock in 2018. The figure was said to refer to a “cannabis culture” to please his girlfriend.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *