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Elon Musk Suggests Acquisition of Twitter
Let’s quickly review the recent events: in the previous week, Elon Musk, the CEO of Tesla and SpaceX, obtained a significant controlling interest in Twitter. Following this, Twitter announced that Musk would join their board of directors, initially agreeing but later retracting. Are we all caught up? Excellent, because the situation has just taken a stranger turn.
Last evening, as per a documented submission to the Securities and Exchange Commission, Musk made a formal proposition to acquire Twitter entirely. He proposed to purchase all of the company’s stocks at $54.20 each, totaling approximately $41.39 billion, and transition the company into private ownership. Not only is this a substantial sum in general, but it represents a 38% premium over Twitter’s stock value as of April 1.
“I invested in Twitter because I believe in its potential to become the primary platform for unrestricted speech globally, which I consider a fundamental necessity for a well-functioning democracy,” Musk conveyed in a message directed to Twitter’s chairperson Bret Taylor (and notably, not to its CEO, Parag Agrawal). “However, subsequent to my investment, I have come to realize that the current structure of the company will not enable it to flourish or meet this fundamental societal need. Twitter must undergo a transformation as a private entity.”
Billionaire Elon Musk offers to purchase Twitter for $41.39 billion, as revealed in a regulatory filing. https://t.co/wAiKnmDJjk
— Reuters (@Reuters) April 14, 2022
“Twitter holds exceptional potential. I will unleash it.”
Twitter has verified the receipt of Musk’s offer and will be meticulously evaluating it “to ascertain the appropriate course of action that serves the best interests of the company and all Twitter stockholders.”
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