IMG Source: Reuters
According to a filing with the Securities and Exchange Commission (SEC), Elon Musk has proposed to buy Twitter outright for $43 billion.
“The potential of Twitter is truly astounding. Allow me to unblock it “According to the filing, Musk made the remarks in a letter to Twitter chairman Bret Taylor.
Musk’s Letter to Twitter’s Chairman Bret Taylor
Along with that, Elon Musk said he wanted to buy all of the company’s stock at $54.20 per share, an SEC filing shows.
As soon as the news leaked, as you might have already guessed “Twitter’s stock jumped 12% pre-market.”
In early April, Elon Musk revealed that he had a 9.2% stake in Twitter, making him the company’s largest stakeholder.
In the last few days, Twitter India’s CEO Parag Agarwal tweeted, Elon Musk to be appointed as the board of directors of Twitter but on April 11, 2022, Elon Musk decided not join Twitter as the Board of Directors.
And now, Tesla and SpaceX CEO Elon Musk who is the largest stakeholder of Twitter has proposed and wants to buy 100% of the company’s stock.
As per the SEC filing, Elon Musk has said:
“I invested in Twitter because I believe it could be a platform for free speech around the world, and I believe free speech is important for a well-functioning democracy.”
You can find more details about SEC Filed by Elon Musk here.
It is now clear to me that the company will not be able to grow or fulfill this societal need in its existing form. In a letter to Twitter Chairman Bret Taylor, Tesla CEO Elon Musk called for the company to be restructured as a privately owned company.
And further he added – Musk said that if his best and last offer isn’t accepted, he would have to change his views as a shareholder.
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