Could Elon Musk succeed in the hostile takeover of Twitter for $43bn
By MYBRANDBOOK
The Tesla founder Elon Musk has made the open offer @ US$54.20 a share in all cash deal, which is a 54% premium on the January 28 closing price of Twitter’s stock, just before he began investing in it, and a 38% premium on the April 1 price.
Musk has made announced just before he announced he had acquired a 9% stake in the social media platform and subsequently declined to take up a board seat. Musk has been an active – and controversial – user of Twitter, with some 80 million followers on the platform.
“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 a note to chairman Bret Taylor cited in Musk’s filing to the US Securities and Exchange Commission.
However, Parag Agrawal,CEO, Twitter sought to reassure employees that the company was not being "held hostage" by news of Elon Musk's offer to buy the company, while speaking at an all-hands meeting with employees on Thursday.
Musk further said that, he had offered the best and it is the final offer and if it is not accepted, I would need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.” Musk added. He further said that, he was “not playing the back-and-forth game” and claimed that his offer was “a high price and your shareholders will love it”. “Twitter has extraordinary potential, I will unlock it Musk said.
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