Elon Musk Offers To Buy Twitter: Tesla CEO and billionaire Elon Musk has surprised the whole world by offering to buy microblogging site Twitter for $43 billion. Musk said that he thinks Twitter is not fully successful in its objectives, so it should become a private company.
Elon Musk offers to Buy Twitter
Tesla’s Chief Executive Officer (CEO) Elon Musk has now offered to buy Twitter. A few days ago, he had said that he would no longer be on the board of directors of the social media company. Musk currently holds more than nine percent of Twitter’s shares and is the company’s largest shareholder. Twitter told the stock exchange that Musk had sent it a letter proposing to buy the rest of the company’s shares.
Musk has offered $54.20 for each Twitter share. He has described this price as his maximum and final offer. “I invested in Twitter because I believe in being a platform for free expression around the world, and I believe the free expression is a social imperative for a functioning democracy,” Musk said in a stock exchange briefing.
Elon Musk Buys Twitter Share Since January
He added, however, that after making my investment, I realized that the company in its present form will neither grow nor fulfill this social imperative. Twitter needs to be turned into a private company. Before the market opened, Twitter’s shares saw a jump of about 11 percent. Musk’s buyout offer is the latest in his relationship with Twitter. The billionaire businessman had told the stock market that he was buying shares every day since January 31. Only Vanguard Group mutual funds and ETFs control most of Twitter’s shares.
According to the information given to the stock market, at that time Twitter had put Musk on its board on the condition that he would not own more than 14.9 percent of the outstanding shares of the company. But, Musk later declined to join the board. Musk has more than 8.1 million followers on Twitter. He is one of the most popular figures on this platform. He is competing against pop stars like Ariana Grande and Lady Gaga. However, his tweets have got him in trouble at times.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022