As we suspected, Elon Musk is attempting to take over the social media giant Twitter, by buying them out.
Elon Musk has offered $43.4 Billion to buy twitter, he is willing to pay $54.20 per share to buy 100% of the company. Elon is posing an all cash offer which would value the social network giant at $43.4 billion.
“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,” Elon wrote to Bret Taylor, Twitter’s chairman of the board in a email.
Elon continues to write “However, since making my investment I now realize 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 and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,”.
You can see the Sec filing here
Twitter has let out the following statement:
“[Twitter] today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash.
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.”
I am sure many expected this "hostile takeover" after Elon Musk turrned down the seat on Twitter's board.
you can follow the full saga here:
- Possible Elon Musk Created Social Media Platform
- Elon Musk Purchased Majority Shares of Twitter
- Elon Musk Turns Down Seat on Twitters Board, Allows Him to Buy More Shares
Let the saga continue!
