Elon Musk , the owner of the world famous electric car company Tesla and SpaceX, has made an hostile offer to buy the social media platform Twitter for $43 Billion dollars. Musk who is the largest company shareholder sent a “non-binding proposal” to Twitter’s Board Chairman Bret Taylor to buy remaining stock at $54.20 per share.
Elon Musk was pretty blunt to reveal the motive behind the takeover when he said that twitter needs to be transformed into a private company to become a platform for free speech.
” I invested in Twitter because I believe in its potential to become a massive platform for free speech around the world and I believe free speech is a social imperative to democracy,” Musk said in the filing. However, since making my investment, I have now realized that the company will neither thrive nor meet this social imperative in its present form, he added. Twitter needs to be turned into a private company. Twitter has enormous potential and I’ll take it to its point.
Elon Musk vs Twitter
Earlier Musk had disclosed about two weeks ago to buy a stake in Twitter. Then he went on to acquire 9.2 percent stake in Twitter for around 3 billion dollars to become the largest individual stakeholder. Since then, things have heated up between the social media platform Twitter and the tech billionaire Musk. Earlier it was believed that Musk would join as one of the members of the board when Twitter CEO Aggarwal made the announcement on April 5th. However later on Parag told that Musk had no such intention and decided against it . Parag has made it clear to the employees to stay focused on the work despite the distractions.
Elon had made it clear through his messages to Taylor that his offer is ” Not a threat “.
“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder. This is not a threat, it’s simply not a good investment without the changes that need to be made. And those changes won’t happen without taking the company private,” he said in the texts.
Elon had also told the chairman Bret that he was not “playing the back-and-forth game”. “I have moved straight to the end. It’s a high price and your shareholders will love it.”
