Tesla CEO Elon Musk has offered to buy Twitter for $ 43 billion TOU

Tesla CEO Elon Musk has offered to buy Twitter for $ 43 billion


Tesla CEO Elon Musk has offered to buy Twitter for $ 43 billion

Elon Musk, CEO of Tesla and SpaceX, arrives on the red carpet for the Axel Springer Media Awards on December 1, 2020 in Berlin. Musk is set to buy Twitter on Thursday, April 14, 2022. The social media site he criticized should be transformed into a private company that does not live up to the principles of free speech, he says. Credit: Hannibal Hanskei / Pool Photo AP, via file

Tesla CEO Elon Musk has come forward to buy Twitter, saying the social media site, which has been criticized for not living up to the principles of freedom of speech, should be transformed into a private company.

Musk, currently the company’s largest shareholder, is proposing to buy the remaining shares of Twitter, which already has a $ 54.20, $ 43 billion offer already worth, in a regulatory filing with Twitter Inc. on Thursday.

Musk called the price his best and ultimate offer, although he did not provide any details on funding. Offer is unrestricted and subject to financial and other conditions.

“I have invested in Twitter as a platform for free speech around the world, and I believe free speech is a social imperative for a functioning democracy,” Musk filed. “However, since I made my investment, I now realize that the company will not grow or serve this social need in its current form. We need to turn Twitter into a private company.”

Twitter said it had received Musk’s offer and would decide whether to accept the interests of shareholders or continue to operate as a publicly traded company.

In a client note, Wedbush analyst Daniel Yves believes that “this soap opera company will end up owning Musk after this hostile acquisition of Twitter.” He thinks it will be difficult for other bidders or the federation to come forward, and said Twitter’s board will be forced to accept Muskin’s offer or start the process of selling the company.

Musk revealed in its filing of the regulation in recent weeks that it has been buying shares in almost daily batches since January 31, ending with about 9% of the stock. Only Vanguard Group Mutual Funds and ETFs control more Twitter shares.

Tesla CEO Elon Musk has offered to buy Twitter for $ 43 billion

The login / registration screen for the Twitter account appears on a laptop computer in Fla, Orlando on Tuesday, April 27, 2021. Musk has the opportunity to buy Twitter on Thursday, April 14, 2022. He says the social media site he owns should be transformed into a private company that is criticized for not living up to the principles of freedom of speech. Credit: AP Photo / John Roux, file

The billionaire has been harshly critical of Twitter in recent weeks, often believing it to be less than free speech principles. The social media site has angered followers of Donald Trump and other far-right political figures who have suspended their accounts for violating its content standards on violent, hateful or malicious misinformation. Musk also has a history of causing legal issues with his own tweets.

After Musk announced his stake, Twitter soon offered him a spot on its board, on the condition that he not exceed 14.9% of the company’s outstanding shares, according to a filing. But five days later he said he refused.

He did not elaborate on the reason, but agreed with Musk’s decision to drop the ads – its main source of revenue – and a series of currently deleted tweets proposing major changes, such as turning its San Francisco headquarters into a homeless shelter. Musk left some clues on Twitter about his thinking, such as “liking” a tweet from Musk “the biggest partner for free speech” summarizing the events as “play well, not speak freely”.

Musk’s 81 million Twitter followers have made him one of the most popular figures on stage, competing with pop stars such as Haryana Grande and Lady Gaga. But his rich tweet has sometimes got him into trouble with the SEC and others.

Musk and Tesla agreed to pay a $ 40 million civil fine in 2018, and Musk agreed to have his tweets approved by a corporate attorney after tweeting that he had the money to take Tesla privately for $ 420 a share. That did not happen, but the tweet raised Tesla’s share price. Musk’s latest problem with the SEC may be the delay in notifying regulators of his growing stake in Twitter.

Musk described himself as a “free speech totalitarian” and said he did not think Twitter complied with the principles of free speech – a comment shared by Donald Trump’s followers and many right – wing political figures. Their accounts have been suspended for violating Twitter content rules.

Twitter shares are up 11% before the market starts. The stock is still below its 52-week high of about $ 73. Shares of Musk-led electric vehicle maker Tesla fell about 0.9%.

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                                        Musk recommends Twitter changes, including the adoption of Dogecoin
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                                             <strong>Quote</strong>: Tesla CEO Elon Musk offers to buy Twitter for $ 43 billion (April 14, 2022)

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