Elon Musk is offering to buy Twitter for $43 billion in a cash deal, saying the social media company “needs to be transformed as a private company.”
Twitter is valued at 40.1 billion thanks to Elon Musk buying nearly 10% of it. Prior to that, it was worth 35 billion.
Musk proposed in a regulatory filing on Thursday to buy all of Twitter.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” he said in the filing. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.”
Twitter Inc. said in a regulatory filing on Thursday that Musk, who currently owns slightly more than 9% of its stock and is the company’s biggest shareholder, provided a letter to the company on Wednesday that contained a proposal to buy the remaining shares of Twitter that he doesn’t already own. Musk offered $54.20 per share of Twitter’s stock.
Describing Twitter as having “extraordinary potential,” Musk said his unsolicited bid is his “best and final offer.” He also said he would “reconsider” his investment in the company if his offer is rejected.
MORE – In the past, many on Twitter used to say "it’s a private company, they can do whatever they want." Elon Musk now seems to take this saying to the next level.
SEC filing: https://t.co/UuMy1jpAgc
— Disclose.tv (@disclosetv) April 14, 2022
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If he just dumped his stock and invested the 43 Billion in a New Company, he could crush Twitter. When you have Cancer, you just cut it out and let it die!
Musk already has a world wide communications system, Starlink, to support a new platform and the technology to create a handheld device that would connect to his media platform anywhere in the World. Imagine Starchat!