October 3, 2022

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According to a stock exchange filing, Tesla CEO Elon Musk has filed a hostile takeover bid for Twitter, offering to buy 100% of the company’s equity.

In a filing with the Securities and Exchange Commission on Wednesday, April 13, Musk offered $54.20 per share, valuing the social networking company at $43.4 billion.

Musk’s latest move towards Twitter comes days after he turned down a seat on the board, following his acquisition of a 9.2 per cent stake in the microblogging platform.

Musk said in his filing: “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 function.

“However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form.

“Twitter needs to be transformed as a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter.”

Musk, Twitter’s biggest shareholder, said his “offer is my best and final offer” and would reconsider his position as a shareholder if it was rejected.

“Twitter has extraordinary potential. I will unlock it,” he said.
Musk, currently the world’s richest man, with more than 80 million followers on the microblogging platform, disclosed last week a purchase of 73.5 million shares — or 9.2 per cent — of Twitter’s common stock. His announcement sent Twitter shares soaring more than 25 per cent.

He was offered a position on the board, but he declined over the weekend.

Twitter reacts
Reacting to the take over bid, Twitter said in a statement, yesterday that its board would evaluate an “unsolicited, non-binding” offer from Elon Musk to acquire the social media company.

“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” Twitter

The company also confirmed it received Musk’s bid valuing the company at $43.4 billion.

 

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