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Elon Musk launches hostile bid of Twitter for $43 billion

By Saima Siddiqui 
Updated Date

San Francisco: According to a regulatory filing on April 14, billionaire Elon Musk has proposed to purchase Twitter for $41.39 billion. He has made an offer to purchase Twitter for $54.20 per share in cash.

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In a filing with the US Securities and Exchange Commission on Thursday, the 50-year-old businessman disclosed the offer.

Musk’s bid price of $54.20 a share is 38% more than Twitter’s stock closing price on April 1, the last trading day before the Tesla CEO’s over 9% investment in the firm was publicly reported on April 4.

Elon Musk has made a “best and final” offer to buy Twitter Inc., saying the company has extraordinary potential and he will unlock it. The world’s richest man will pay $54.20 per share in cash, representing a 54 percent premium over the January 28 closing price and a value of about $43 billion.

After launching the hostile takeover, the Tesla boss said on April 14: “Twitter has extraordinary potential, I will unlock it.”

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Musk said he believes Twitter “will neither thrive nor serve societal imperative in its current form. Twitter needs to be transformed as a private company”

“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’s one of Twitter’s most well-known personalities, and he’s been vocal about improvements he’d want to see implemented on the social networking platform. Following the revelation of his shareholding, which made him the firm’s largest individual shareholder, the corporation offered him a place on the board.

Musk began soliciting feedback from other Twitter users soon after his investment was made public, proposing anything from converting Twitter’s San Francisco headquarters into a homeless shelter to adding an edit button to messages and awarding automatic verification marks to premium members. Given that numerous celebrities with large followings rarely tweet, one tweet speculated that Twitter could be dying.

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