Elon Musk, CEO of Tesla Inc, will attend the World Artificial Intelligence Conference (WAIC) in Shanghai, China on August 29, 2019.
Allie Song | Reuters
Elon Musk offered to buy twitter At $ 54.20 per share, social media companies say they need to personally transform. It’s been a little over a week since we first revealed a 9.2% stake in the company. Mask’s offer rates Twitter at around $ 43 billion.
“I invested in Twitter because I believe it could be a platform for free speech around the world. I believe that free speech is socially essential to a functioning democracy.” Musk wrote in a letter sent to Twitter President Brett Taylor.so Securities filing..
according to maskSocial media companies need to keep their freedom of speech private, as it “cannot prosper or provide” in its current state.
“As a result, we are proposing to buy 100% of Twitter for $ 54.20 in cash per share. This is a 54% premium the day before we start investing in Twitter, the day before the investment is announced. Is a 38% premium. “He wrote. “My offer is my best and final offer, and if it is unacceptable, I need to rethink my position as a shareholder.”
Twitter’s share price surged more than 6% in pre-market trading after closing at $ 45.85 per share on Wednesday. According to the filing, Musk used Morgan Stanley as a financial adviser.
“The Twitter Board of Directors carefully considers the proposals and decides on a course of action that we believe will be in the best interests of the company and all Twitter shareholders.” The company said in a statement In response to the offer on Thursday.But the news will arrive in a few days twitter CEO Parag Agrawal Investors were warned about “distractions ahead”.
Musk first disclosed his investment in the social media giant on April 4. He later took a seat on the board of directors of the company. Before reversing those plans..
The Tesla The CEO has previously publicly criticized social media giants and conducted a poll last month on Twitter to see if the company adheres to the principles of free speech. He also said he was considering building a new social media platform.
Twitter’s share, seen in the news from Mask in recent weeks, has increased by 6% this year and 18.5% since the beginning of the month.
Tesla’s share price fell 1% in the news.
The letter sent by Mask disclosed in the securities filing is as follows:
I invested in Twitter. We believe that it has the potential to become a platform for free speech around the world, and we believe that free speech is a social imperative for democracy to work.
But since making my investment, I have now realized that the company does not prosper or provide this social obligation in its current form. Twitter needs to be transformed as a private company.
As a result, I suggest buying 100% of Twitter for $ 54.20 in cash per share. This is a 54% premium the day before you start investing in Twitter and a 38% premium the day before your investment is announced. My offer is my best and final offer, and if it is unacceptable, I need to rethink my position as a shareholder.
Twitter can be extraordinary. Unlock.
Elon Musk
