scorecardresearch
- Advertisement -

Elon Musk offers $54.20 per share in cash to buy Twitter

- Advertisement -

San Francisco, April 14 (IANS) Tesla CEO Elon Musk on Thursday made his “best and final” offer of $54.20 per share in cash to buy 100 per cent of Twitter, in an updated filing with the US Securities and Exchange Commission (SEC).

The micro-blogging platform’s shares soared nearly 18 per cent in pre-market trading after the news broke.

- Advertisement -

Musk is offering to “acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share,” read the filing.

Musk says Twitter needs to go private to go through the changes that need to be made.

- Advertisement -

“I would need to reconsider my position as shareholder,” he added. “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,” Musk said in the fresh filing.

“However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” he added.

- Advertisement -

Earlier this week, Twitter CEO Parag Agrawal announced that Musk will not join the board of the company, saying that “he believes it is for the best”.

The Indian-origin CEO last week said the micro-blogging platform has appointed Musk to its board of directors. Musk, who acquired 9.2 per cent share in the micro-blogging platform for nearly $3 billion, is limited from buying more than 15 per cent of Twitter’s stock.

In a fresh letter to Twitter’s board, Musk said he believes Twitter “will neither thrive nor serve societal imperative in its current form”.

“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” he added.

Musk has hired Morgan Stanley as his adviser for the takeover.

–IANS

na/vd

- Advertisement -
CELEBRITY GALLERY

Kriti Sanon

Avika Gor

Rubina Dilaik

- Advertisment -

Related Posts

- Advertisement -
- Advertisement -