Elon Musk is making an extraordinary offer to buy all of Twitter

Elon Musk offered to buy everything Twitter for just $ 40 billion (£ 30.5 billion) a few weeks after he bought a stake in the platform, promising to make it a “platform for free speech”.

The head of the billionaire Tesla wants to make a private giant of social networks with limited access.

His statement came after he bought just under 10 percent of Twitter, making him the largest shareholder. Shortly afterwards, he was offered a seat on the board, and he initially agreed, but then announced that he still would not.

He now said the company “needs to be private to go through the changes that need to be made” in statements to the U.S. Securities and Exchange Commission (SEC).

“I have invested in Twitter because I believe it can be a platform for freedom of speech around the world, and I believe that freedom of speech is an imperative of society for a functioning democracy,” he wrote.

“However, after I have made my investments, I understand that the company will neither prosper nor serve this public imperative in its current form. Twitter needs to be turned into a private company. ”

Mr Musk suggested he could sell all his shares if the offer was not accepted.

“I offer to buy 100 percent of Twitter for $ 54.20 per share in cash, 54 percent of the premium the day before I started investing in Twitter, and 38 percent of the premium the day before my investment was publicly announced,” – Read SEC Mask documents.

“My offer is my best and final offer, and if it is not accepted, I will have to reconsider my position as a shareholder.

“Twitter has tremendous potential. I will unlock it. “

In separate documents, Mr. Musk revealed a script he sent to Twitter’s management. In it, he said he had considered the situation over the past few days and decided he wanted to buy the company.

He would not “play the game back and forth,” but instead “went straight to the end,” he told Twitter’s management. “It’s a high price, and your shareholders will like it.”

He then told the company that if the deal didn’t happen, “given that I don’t trust the management and I don’t believe I will be able to make the necessary changes in the public market,” he could sell his shares.

“It’s not a threat, it’s just a bad investment without the changes that need to be made,” he said. “And these changes will not happen without the company’s privacy.”

He gave no indication of what these planned changes might be other than his comments on “freedom of speech”.

Twitter also confirmed it had received the offer and said it would now consider it.

“The board of directors of Twitter will carefully consider the proposal to determine the course of action, which, in his opinion, is in the interests of the company and all shareholders of Twitter,” – said in a statement the site of social networks.

Elon Musk is making an extraordinary offer to buy all of Twitter

Source link Elon Musk is making an extraordinary offer to buy all of Twitter

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