Billionaire Elon Musk wants to buy Twitter and has made a final offer of $43 billion to acquire 100% of the social network. According to information from Reuters and Bloomberg, the executive offered US$ 54.20 per share of the social network, a value that represents a 54% jump in the price of the company’s shares compared to the end of January.
Elon Musk wants to buy Twitter for $43 billion
The offer was registered in the United States on Thursday (14) and was also mentioned in a letter sent by Bret Taylor, chairman of the bluebird social network. After the announcement, shares in the social network rose 12%, according to Reuters.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
In a post on Twitter, Elon Musk only said that he “made an offer”, sharing a link to his proposal with the US Securities and Exchange Commission.
Elon Musk’s Final Offer
In the letter sent to Twitter’s chairman, Elon Musk says his offer is unique and final. If the proposal is rejected, the billionaire even says he will “reconsider” his position as a shareholder – last week, the Tesla CEO bought about $ 3 billion in shares of the social network, becoming the company’s largest shareholder.
Elon Musk buys Twitter
According to Elon Musk, the social network needs to become a “private enterprise” to be successful. “Since I made my investment, I now realize that the company will not thrive or meet this social imperative in its current form. Twitter needs to be turned into a private company,” the billionaire said.
Twitter has yet to respond on the matter so far. It is worth noting, however, that Musk’s move was already expected. The executive did not accept a position on the company’s board of directors, which would limit his ability to buy more shares of the social network. The refusal was seen by the market as a sign that, in fact, the billionaire’s will was to become the owner of the social network.
Elon Musk has a new target: Twitter. According to the Reuters news agency this Thursday (14), the businessman made an offer of US$ 43 billion to buy the entire social network. The proposal comes public after the CEO of Tesla and SpaceX became the company’s largest shareholder, but declined to join the board.
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Elon Musk, CEO of Tesla and SpaceX, wants to buy Twitter for $43 billion (Image: Oberhaus/Flickr)
Elon Musk, CEO of Tesla and SpaceX, wants to buy Twitter for $43 billion (Image: Oberhaus/Flickr)
This is yet another action by the billionaire to get closer to the social network. It all started in April, when Musk became Twitter’s biggest shareholder. Afterwards, the businessman, who has a significant share in the social network, pressured the platform to the point of making it confirm the development of a button to edit tweets.
Even so, Elon Musk did not want to participate in the company’s board, a position that would give him even more influence within the platform. But the executive had another idea since then: spend $43 billion in cash to buy the social network completely. That is, US$ 54.20 per share, as revealed by Reuters.
Elon Musk threatens to reconsider position as shareholder
In a letter to chairman Bret Taylor, Musk said that since he made his investment, he has realized that the company will neither prosper nor “meet this social imperative” in its current form. “Twitter needs to be turned into a private company,” he said. “My offer is my best and final offer and if not accepted, I will need to reconsider my position as a shareholder.”
The problem is that not everyone is happy with this adventure. No wonder an investor in the social network filed a lawsuit against the billionaire this week. In the indictment, he claims that Tesla’s CEO failed to inform the purchase of 5% of Twitter within the deadline set by the SEC, the United States Securities and Exchange Commission.
“Twitter has extraordinary potential,” Musk added in the letter to Bret Taylor. “I will unlock it”. Sought by the agency, Twitter did not comment on the case.
Musk revealed on the 4th that he had bought a 9.2% stake in the social media giant, becoming the company’s biggest investor, which sent Twitter shares up 27% in one day (the biggest daily rise ever). registered).
The following day, Twitter announced it would name Musk to the company’s board of directors, and the shares rose another 5.89%. But the billionaire declined the invitation on Monday (11).
The billionaire’s proposal to buy 100% of Twitter was filed this Thursday (14) with the SEC (Securities and Exchange Commission, the American CVM). Click here to read the document (in English).
In a statement, the company said that it “has received an unsolicited and non-binding proposal from Elon Musk to acquire all of the company’s outstanding common stock” and that it “reviews