After buying shares in Twitter, Elon Musk has now made an offer to fully take over the social networking company.
The Tesla CEO and billionaire has reportedly made a $41.39 billion bid to take complete control of the company, saying in an official statement on Twitter today:
“Twitter’s board of directors will carefully review the proposal to determine what course of action it believes is in the best interests of the company and all Twitter shareholders.”
Musk sent the offer Wednesday night, along with a letter that said: “It’s a big price and your shareholders will love it it“.
He pointed out that the offer was the most he was willing to make and said if not accepted: “I would have to reconsider my position as a shareholder.”
Since Musk bought around 9 percent of Twitter’s stock earlier this month — making him the company’s largest shareholder — right-wing politicians, commentators and social media users have rejoiced at the idea of free speech and discussion being restored to the platform could.
Musk is a well-known advocate for freedom of speech and a Donald Trump fan. Twitter sparked outrage in 2021 when the former president was permanently banned from Twitter after allegedly “inciting violence” during the Capitol riots.
Many social media users accused vocal leftist and former Twitter CEO Jack Dorsey of hypocrisy and suppression of peaceful free speech, pointing out that the former Taliban terrorist group was free to use the platform, but Trump was not.
Speaking to Twitter CEO Bret Taylor, Musk said:
“I invested in Twitter because I believe in its potential to be the platform for free speech around the world, and I believe that free speech is a societal imperative for a functioning democracy.
“However, since making 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.”
“Twitter has extraordinary potential. I’ll unlock it,” he added.
Twitter’s shares were up 5.6 percent earlier today, but the stock is still below Musk’s bid price, so his bid may still not be successful, but Wedbush analyst Dan Ives said the bid was a “historic one.” step,” and said he believes that eventually will result in Musk owning the platform;
“Ultimately, we believe this soap opera will end with Musk taking ownership of Twitter following this aggressive hostile takeover of Twitter company“.
Despite the decision regarding the offer, Ives said the relationship between Twitter and Musk is likely to last “lots of twists and turns” in the coming weeks as Twitter and Musk walk this path of marriage.”
Musk mysteriously turned down an offer to join Twitter’s board of directors earlier this week, fueling rumors that he may have intended to take over the company since a seat on the board would cap his steak stake at 15 percent.
The move comes after Twitter critic Musk posted that he thought the platform was “die,” adding his offer was “not a threat” but ” It’s just not a good investment without the changes that need to be made.
https://smartzune.com/elon-musk-makes-his-move-on-twitter/ Elon Musk makes his move on Twitter