elon musk plans twitter takeover

In an attempt to take over Twitter, Elon Musk, the Tesla chief and the world’s richest man, has made an offer to buy the microblogging platform for a whopping $43 billion. The multibillionaire talked about the offer he made to the US Securities and Exchange Commission through a tweet, where he said, “I made an offer.”

As it stands, the tech tycoon is willing to pay a per-share price of $54.20 in cash. Compared to the stock price of Twitter on the last trading day, the 1st of April, the price offered by Musk translates to a 38% premium. Similarly, compared to the closing price on the 28th of January, the current rate represents a 54% premium.

Musk serious about Twitter takeover

The filing to the US SEC was made on the 13th of April, and Musk tweeted about the same on Thursday. He added that it is the “best and final offer” for Twitter, and he considers himself to be the only person who can unlock the real potential of the microblogging platform.

However, it needs to be noted that the Twitter board has not released a response to the “unsolicited, non-binding” offer. The decision to make the US SEC filing comes a few days after Musk decided not to join the Twitter board, a position he was qualified for as he had acquired a 9.2% stake in Twitter.

Over the past weeks, Elon Musk has made several comments on the current situation of Twitter. In a letter to Bret Taylor, the Twitter Chairman, Musk added that Twitter cannot thrive in its current form and needs to be transformed into a private company.

He also added that his investment in Twitter is based on the platform’s impact on enabling free speech around the globe. Talking about the final offer, he added that he would reconsider his position as a shareholder of Twitter if the offer was not accepted by the board. Indeed, Musk is trying to underline the idea that Twitter is not supporting free speech in its current form.

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