Elon Musk Offers to Buy Twitter For $43 Billion bid: After announcing that Tesla co-founder and CEO Elon Musk would not be joining the Twitter board, it has now been reported that Musk has offered to buy the entire social media website. According to multiple reports, Tesla CEO Elon Musk has offered to buy Twitter for $54.20 per share in cash. This equates to a total of $43 billion for the company as a whole. The documents cited in the reports were filed with the Securities and Exchange Commission on Wednesday.
“I’m not going to play the back-and-forth game.” I’ve skipped ahead to the end. According to the Axios report, Musk said on Twitter, “It’s a high price, and your shareholders will love it.” “If the deal fails, given that I lack confidence in management and do not believe I can drive the necessary change in the public market,” he added, “I would need to reconsider my position as a shareholder.”
Musk, on the other hand, has yet to reveal how he intends to compensate Twitter. It is possible that he has investment partners or that he will use his Tesla stock, which is currently down slightly.
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Why Is This a Good Investment for Twitter Shareholders?
The Tesla CEO believes it is a good deal for Twitter shareholders because he is offering an 18.2 percent premium over the closing price of Twitter shares on Wednesday. He is also said to be offering a 38% premium over where the shares were trading before his ownership stake was revealed.
This news comes just a few days after current (and relatively new) Twitter CEO Parag Agarwal announced that Musk will not be joining the company’s board of directors.
“We were both excited to collaborate and aware of the risks.” We also believed that Elon’s role as a company fiduciary, in which he, like all board members, is required to act in the best interests of the company and all of our shareholders, was the best way forward. “The board of directors offered him a seat,” Agarwal explained. The Twitter CEO went on to say that Musk’s appointment to the board was supposed to take effect on April 9, but the billionaire investor announced that same morning that he will no longer be joining the board.”
Musk Criticising Twitter on Multiple Issues
Musk has recently criticised Twitter and has been a potential threat to the board of directors since acquiring a 9.2 percent stake in the company. He allegedly met with Twitter several times about its algorithms and whether they should be open-sourced. “I’m concerned that de facto bias in “the Twitter algorithm” will have a significant impact on public discourse,” Musk said on March 24. Following that, a poll was held to determine whether Twitter should be open source or not.
The Tesla CEO also appears to have a problem with free speech on Twitter. “Free speech is critical to the functioning of a democracy.” “Do you believe Twitter strictly adheres to this principle?” he tweeted, along with a poll. He even tweeted that he is seriously considering developing a new open source platform that promotes free speech.
But the problems don’t stop there. Musk has chastised Twitter for devoting engineering resources to integrating NFTs rather than, for example, fixing other issues with the website.
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