BusinessDay

Elon Musk offers to buy 100% of Twitter

Days after purchasing a 9.2 percent stake in Twitter and considering joining the Board of Directors, Elon, Musk, Tesla CEO, has offered to buy the platform for $54.20 a share, disclosing that the microblogging platform needs to be transformed privately.

The CEO made this known in a letter sent to Twitter Chairman, Bret Taylor and disclosed in securities filing.

Musk his offer to acquire the company is to ensure that the social media platform continue to serve as a democratic voice all around the globe.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” The letter reads.

Twitter shares according to a statement jumped 12 percent in premarket trading after closing at $45 a share on Wednesday.

Meanwhile, the Tesla Boss revealed the 9.2 percent stake in the social media space recently this Month, a development which sent shares closing up 27 percent.

The company also announced that Musk would join its board of directors, but later reversed the plans.

“As a result, I am offering to buy 100 percent of twitter for $54.20 per share in cash, 54 percent premium over the day before I began investing in Twitter and a 38 percent premium over the day before my investment was publicly announced.

“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” he wrote.

Twitter shares have fluctuated in recent weeks following the news from Musk, but are up 6 percent this year and 18.5 percent since the start of the month.

The Tesla CEO Offer values Twitter at about $43 billion

Read also: Elon Musk joins Twitter board of directors after acquiring stake

Meanwhile, Musk took to his official Twitter handle to confirm the letter with the link under his post, which has led to many reactions and comments on his twitter page.

Bassam Noor, Chief Investment officer for alternative investment at Derayah Financials, while responding under Musk’s comment section with his official Twitter handle @Bassam A Noor, countered the Tesla Boss offer advising him to create a new social media space for free speech.

“Please set up a viral platform instead. That’s better for free speech and the community rather than as a single platform owned by a single person even if that person is the great man himself,” Noor tweeted.

Willie Montague, US political and founder of House of Timothy INC, also took to his handle @RepMontague on the same comment section to applaud Musk, noting that an individual spending such amount for free speech is encouraging.

“A man willing to spend $41 billion dollars for free speech is a good man that I can admire,” Willie tweeted.

David Gokshtein, “@davidgokhshtein on Twitter, a US-based entrepreneur and Influencer directed a question to Musk under the comment section asking how privatising the platform will make it better since majority uses it to build their brands other than communication.

“Serious question @elon Musk, how would you make Twitter better. Remember, a lot of people use this platform not only for communication with others but to build their own brands,” David tweeted.

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