Elon Musk and his relationship with Twitter has been very interesting over the years, leading him to make a $43 billion purchase offer. This offer comes just days after he became the company’s largest shareholder with a 9.2% stake.
Musk announced the potential deal in a filing with the U.S. Securities and Exchange Commission on Thursday after turning down a possible seat on the company’s board of directors. He shared the following explanation of why he wants to buy 100% of the company:
I invested in Twitter because I believe in its potential to be the platform for free speech around the world and that free speech is a societal imperative for a functioning democracy.
However, since my investment, I have come to realize that the company will not thrive in its current form, nor will it serve this societal imperative. Twitter needs to be transformed as a private company.
As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a premium of 54% from the day before I started investing in Twitter and a premium of 38% from the day before my investment was made public. My offer is my best and final offer and if not accepted I would have to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.
Twitter will review the proposal and say their response and decision would be in the best interests of “all Twitter shareholders.” It will be interesting to see what they do, but it would be crazy if they didn’t take the deal. But according to Vital Knowledge’s Adam Crisafulli, the $54.20 per share offer is “too low” for shareholders or the board to accept.
Musk’s biggest issue with Twitter is his perception of censorship by the platform, and he wants to change that. As stated in his letter to Twitter’s board of directors, he believes that Twitter “will neither prosper nor serve [its free speech] social imperative in its current form. Twitter needs to be transformed as a private company.”
I’m curious how this will play out. Personally, I’m not a fan of Twitter. From my own experience I found out that it’s just a place full of bullies and trolls. I’ve been attacked on Twitter countless times and it’s really impacted my depression and anxiety so I’ve retired and rarely use it for personal reasons. I just pop my head into my personal account every now and then to share things about movies and TV shows. I’m not sure Musk could ever fix that aspect.
What do you all think of Musk looking to buy Twitter?
https://geektyrant.com/news/elon-musk-makes-an-offer-to-buy-twitter-for-43-billion Elon Musk makes bid to buy Twitter for $43 billion – GeekTyrant