Elon Musk Twitter offer
Musk has made a $43 billion bid for Twitter, arguing that the social media giant “needs transformation as a private corporation.”
In a company statement on Thursday, the entrepreneur and founder of electric vehicle firm Tesla, who revealed earlier this month that he owned a 9.2 percent stake in Twitter, requested to acquire all of the firm’s existing common shares for $54.20 per share.
How many shares of Twitter are there?
799.61M outstanding shares are there.
Elon Musk stated that “He made the investment in Twitter because he believes that it has the potential to be a free speech platform on global forum, also he believes that free speech for a functional democracy is a societal requirement,” he wrote in the filing. However, after making my investment, I’ve come to see that the firm, in its current form, cannot prosper or serve this society’s needs,” Elon R Musk stated.
Twitter shares surged 3.6 percent to $47.49, in early trade. Before Musk’s bid, the stock of social networking platform’s had dropped with about a third in value during the previous year, from $37 billion.
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Musk said his unexpected approach is his “best and final offer” for Twitter, which he described as having “amazing potential.” He also stated that if his offer was not considered, then he will think of reconsidering his stake in the company.
Musk stated “it’s really important for there to be an inclusive venue for free speech” in a following interview with reporter Chris Anderson at a TED event in Vancouver, Canada, that was aired on YouTube on Thursday, adding that Twitter “has become the de facto town square.”
He also stated that the firm is critical for democracy in the United States and internationally, while admitting that he is unsure if he will be able to close a purchase for Twitter.
Musk, who launched SpaceX, said on April 4 that he had purchased a $2.9 billion investment in Twitter, making him the company’s largest stakeholder. The firm announced at the time that Musk would join its board of directors, but Twitter CEO Parag Agrawal stated Sunday that Musk had changed his opinion and would no longer serve on the board.
Musk’s $43 billion offer for Twitter equals about a sixth of his $259 billion wealth, making him the world’s wealthiest person, according to the sources.
Elon Musk Net Worth: $273 billion
Elon Musk life story
- Elon Musk is the dynamic co-founder and CEO of Tesla and SpaceX, two companies that develop electric cars and rockets.
- Musk, who was born and brought up in South Africa, spent considerable time in Canada before settling in the United States.
- Musk, a physics graduate of the University of Pennsylvania, began his career as a prolific young entrepreneur including early successes such as Zip2 and X.com.
- He was involved in the founding of PayPal.
- Musk has been observed to behave strangely on occasion and has claimed that he has Asperger’s syndrome.