Tuesday, May 3, 2022

Elon Musk launches $43 billion hostile takeover of Twitter

 

       

Elon Musk will pay $54.20 per share in cash, representing a 54 per cent premium over the Jan 28 closing price and a value of about $43 billion

April 14, 2022 by Bloomberg

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 per cent premium over the Jan 28 closing price and a value of about $43 billion. The social media company’s shares soared 18 per cent.

Musk, 50, announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday. The billionaire, who also controls Tesla Inc., first disclosed a stake of about 9 per cent on April 4.

The executive is one of Twitter’s most-watched firebrands, often tweeting out memes and taunts to @ Elon Musk’s more than 80 million followers.

He has been outspoken about changes he’d like to consider imposing at the social media platform, and the company offered him a seat on the board following the announcement of his stake, which made him the largest individual shareholder.

After his stake became public, Musk immediately began appealing to fellow users about prospective moves, from turning Twitter’s San Francisco headquarters into a homeless shelter and adding an edit button for tweets to granting automatic verification marks to premium users.

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