Elon Musk plans a Twitter takeover; Offers $43 Billion for the Company » TheTechManagers

elon musk plans twitter takeover

In a bid to take over Twitter, Elon Musk, the Tesla chief and the world’s richest man, has made an offer to buy the microblogging platform for a whopping $43 billion. The multibillionaire spoke about the offer he made to the US Securities and Exchange Commission via a tweet, in which he said, “I made an offer.”

As it stands, the tech tycoon is willing to pay a price per share of $54.20 in cash. Compared to Twitter’s share price on its last trading day, April 1, the price offered by Musk translates into a 38% premium. Similarly, compared to the closing price on January 28, the current price represents a 54% premium.

Musk serious about Twitter takeover

The filing with the US SEC was made on April 13, and Musk tweeted about the same thing on Thursday. He added that this is the “best and last offer” for Twitter, and he sees himself as the only person who can unlock the real potential of the microblogging platform.

It should be noted, however, that the Twitter board has not responded to the “unsolicited, non-binding” offer. The decision to file the US SEC filing comes a few days after Musk decided not to serve on Twitter’s board, a position he qualified for after acquiring a 9.2% stake in Twitter.

Over the past few weeks, Elon Musk has made several comments about Twitter’s current state. In a letter to Bret Taylor, the Twitter chairman, Musk added that Twitter cannot thrive in its current form and must be turned into a private company.

He also added that his investment in Twitter is based on the platform’s impact on enabling freedom of expression around the world. Speaking of the final offer, he added that he would reconsider his position as a shareholder of Twitter if the offer was not accepted by the board. Indeed, Musk is trying to underline the idea that Twitter does not support free speech in its current form.

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