Tesla CEO Elon Musk Makes Offer on Twitter

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Tesla CEO Elon Musk will make an offer on the social media platform Twitter on Thursday. Musk, who already owns 9 percent of the company, is now making an offer for the remaining shares.

 

At the beginning of April, it was already announced that Musk had taken a stake of more than 9.2 percent in Twitter. Musk is now offering all shareholders $54.2 per share through its takeover bid, according to a statement from the SEC.

That would be 54 percent more than the shares were worth on January 28, the last day before the tech billionaire started investing in Twitter. The company is valued at about $43 billion. The stock closed at nearly $46 on Wednesday.

According to Musk, the platform has a lot of potentials, but it is not yet fully realized. ‘After my investment, I realize that this company will not prosper nor fulfil its social role in its current form. Twitter must therefore turn into a privately held company,” Musk wrote in a letter to the social media platform. The Tesla CEO had previously criticized the fact that Twitter restricts free speech too much.

Musk stated in the letter that it was “his best and last offer”. “If it is not accepted, I would have to reconsider my position as a shareholder,” he said. Musk, the richest man globally, can certainly afford the takeover. According to the Bloomberg Billionaire’s Index, he is currently worth about $260 billion.

Earlier this week, Musk announced that he would not join Twitter’s board of directors, just as his appointment was due to take effect. Taking a board seat would have made it impossible for Musk to make a takeover offer. Musk is one of Twitter’s best-known users, with over 80 million followers, but he also regularly creates polemics about and through the platform.

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