Tesla CEO and billionaire Elon Musk recently bought a 9.2% stake in Twitter, upping his valuation by 27% in the following days and making him the largest single shareholder in the social media company. Shortly after the announcement of Musk’s investment on Twitter, CEO Parag Agrawal announced that he was also being added to the company’s board of directors – before turning around after a week of weird tweets from Musk.
Now, Musk has announced his intention to buy the company: saying he would pay $54.20 per share of Twitter (thank you, baby). Musk added that if the offer was not accepted, “I would need to reconsider my position as a shareholder.”
Musk described himself as “an absolutist of free speech” in the past, and in a document to the US financial regulator it says: “I invested in Twitter because I believe in its potential to be the platform for free speech around the world, and I believe free speech is a social imperative. for a functioning democracy.
“However, 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.
“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before my Twitter investment, and a 38% premium over the day before the announcement. public of my investment. offer is my best and final offer and if not accepted, I would need to reconsider my position as a shareholder.
“Twitter has extraordinary potential. I will unlock it.”
The deal would value the social media company at $43.4 billion.
Well this one is clearly going to run and run. Looks like the Twitter team might not be too happy anyway, so how this will happen is anyone’s guess.