Elon Musk makes an offer to buy Twitter for around $43 billion, agreeing to pay $54.20 per share
Elon Musk, CEO of Tesla, is interested in purchasing Twitter for around $43 billion, or $54.20 per share.
Elon Musk, the billionaire, is much more than an entrepreneur since he has been doing exceptional things for a long time. We were under the impression that Elon only wanted to become a Twitter shareholder, but the newest news indicates that the Tesla CEO is aiming to acquire 100 percent of the social media network.
Elon Musk has made a big offer to Twitter, only days after rejecting to join the company's Board of Directors. The billionaire intends to purchase the microblogging service for around $43 billion. Musk has proposed a cash payment of $54.20 per share, a 54 percent premium over the closing price on January 28 and a 38 percent premium over the closing price on April 1.
Since the beginning of the year, Elon Musk has been amusing his 80 million Twitter followers. Just to refresh your memory, he had challenged Russian President Putin to a one-on-one battle. We reported a few days ago that Elon had acquired a 9.2 percent interest in Twitter, making him the company's largest shareholder. He was ready to join the boardroom when he turned down the offer from Twitter's CEO and stood down as a director in the firm.
Musk disclosed the offer on Thursday, April 14, before the US Securities and Exchange Commission. On Twitter, Tesla CEO Elon Musk confirmed the same, sharing a link to his offer and writing, "I made an offer."
People went to Twitter to send amusing memes and remarks after hearing about Elon Musk's attempt to acquire the famous microblogging network. Here are some Elon Musk-related tweets you should read.
This comes after the 50-year-old became the company's largest shareholder when he purchased a 9 percent interest in Twitter for almost $3 billion. Musk currently holds 7,34,86,938 shares, which is four times the number of shares held by former Twitter CEO Jack Dorsey.
It is worth mentioning that Twitter now has a market value of $37 billion. Musk, on the other hand, is now the world's richest man, according to Forbes, with a total net worth of $273 billion. Many people were taken aback by the billionaire's recent declaration after he duped everyone, including Twitter CEO Parag Agarwal, about his desire to join the social media company's Board of Directors.
Musk is being sued for noncompliance in the purchase of Twitter shares.
According to rumours that appeared on Wednesday, the Tesla creator has been accused of violating regulations when purchasing Twitter's shares. Musk's Twitter stock acquisition took a new turn with the filing of a lawsuit accusing him with violations of compliance; the lawsuit claimed that he purposely and unlawfully delayed the process of disclosing his position in the social media giant in order to buy additional shares at a lower price.
Here are some tweets of Elon Musk that you should read.
"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 realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company," Musk said in the filing.