The Twitter affair with Elon Musk is far from over - Musk has promised to buy Twitter, revealed by the U.S. Securities and Exchange Commission.
The millionaire said he was willing to pay $ 54.20 per share to buy 100% of the company. It could be a total donation that costs the social media platform $ 43.4 billion.
"I have invested in Twitter as I believe in its ability to be a forum for free speech in the world, and I believe that free speech is essential for society to function effectively," Elon Musk wrote in an email to Bret Taylor, Twitter chairman. board (and chief executive of Salesforce). The email has been redesigned for today's SEC completion. "However, since I made my investment now I can see that the company will not succeed or use this public service the way it is now. Twitter needs to be transformed as an independent company."
"For this reason, I promise to buy 100% of Twitter for $ 54.20 per share, 54% premium the day before I start investing on Twitter and 38% premium the day before my investment "The offer is my best and last gift and if it is not accepted, I will have to reconsider my position as a shareholder," he added.
In pre-market trading, Twitter shares are priced at $ 50.97 per share, an increase of 11.97% from yesterday's closing price. Twitter shares were trading below $ 54.20 as of November 4, 2021. In October, Twitter shares were higher than $ 60.
On April 4, Twitter confirmed that Musk had acquired a significant role on social media. By buying a 9.2% stake in the company, Musk became the largest shareholder in Twitter.
The next day, Twitter announced that a businessman best known for his work at Tesla and SpaceX would join the board of directors. As a board member, Musk would not be allowed to own more than 14.9% of the company.
But Twitter CEO Parag Agrawal later announced a major overhaul; Musk told the company he would not join the board. Since then, there has been a lot of speculation about Musk's next move.
Many people thought that a millionaire would take over the reins of government. Musk is the richest man in the world, it is currently costing $ 273.6 billion. Buying Twitter would be a huge investment for Musk, but it is possible.
Musk shared a link to the SEC's inclusion in his Twitter account. "I made a promise," he said. Twitter released a statement confirming Musk's request and said his board would "carefully consider it".
"[Twitter] today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company's outstanding common stock for $54.20 per share in cash.
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."
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