Tag: Tesla 5

  • Elon Musk offers $43 billion to acquire Twitter

    Elon Musk offers $43 billion to acquire Twitter

    Elon Musk has submitted a takeover bid for Twitter, offering $54.20 per share, days after becoming the group’s largest shareholder. This is an offer worth more than $43 billion.

    According to a Securities and Exchange Commission (SEC) filing, Mr. Musk described this as a “best and last offer,” reflecting a 54 per cent premium over the day before he commenced investing in the business in late January 2022.

    Musk stated in the filing that “I don’t have faith in the management” and that he could not make the adjustments he desired in the public market.

    As per a letter written to CEO Salesforce and chairman of Twitter, Bret Taylor, Musk stated that if the proposal is not accepted, he will reassess his status as a shareholder as Twitter has a lot of potential which needs to be unlocked.

    The billionaire CEO of Tesla and SpaceX and the world’s richest man, purchased a 9.2 per cent share in Twitter on April 4, according to a regulatory filing. The tech mogul was invited to join Twitter’s board of directors the next day, but he denied the offer by the end of the week.

    Musk wrote to Mr. Taylor on April 13: “I invested in Twitter because I believe it has the potential to be the global platform for free speech, and I believe free speech is a societal requirement for a healthy democracy”.

    Read more: Elon Musk is no longer joining Twitter board as the microblogging network is “dying”

    “However, after making my investment, I’ve come to recognize that the company, in its current form, can neither thrive nor serve this societal need,” he wrote. “Twitter should be turned into a private firm”.

    Considering the tweeted document, Musk’s financial adviser for the proposal is Morgan Stanley.

  • Tesla’s CEO Elon Musk to join Twitter board after investing $2.9 billion in the platform

    Tesla’s CEO Elon Musk to join Twitter board after investing $2.9 billion in the platform

    Elon Musk, the world’s richest man, has been chosen for Twitter’s board of directors, just one day after it was confirmed that he is the social media platform’s largest shareholder, holding a 9.2 per cent stake.

    On April 5, Twitter’s CEO Parag Agrawal said he was excited to announce Musk’s membership to the company’s board of directors. 

    Tesla’s CEO, whose personal wealth is assessed to be $289 billion, about $100 billion greater than the second richest person on the planet, Amazon founder Jeff Bezos, has a history of publishing controversial tweets.

    Musk was a “passionate believer and intense critic” of the platform, according to Agrawal, and it was exactly what Twitter needed to render it stronger in the long run.

    Surprisingly, Musk has a Twitter following of more than 80 million, and he was already looking forward to collaborating with the company “to make big improvements” to the social media platform in the near future.

    Twitter on Tuesday stated that Musk had agreed to serve as a class two director with a term terminating at the company’s annual meeting of shareholders in 2024.

    Musk bought a nearly $3 billion (£2.3 billion) share in Twitter on Monday, which is more than four times the 2.25 per cent share held by the platform’s co-founder, Jack Dorsey.

    However, Musk would not be able to own more than 14.9 per cent of Twitter’s outstanding shares, either alone or as part of a group, for as long as he was a board member and for 90 days later, according to the firm.

    The CEO of Tesla and SpaceX, who ranks among the Top 10 most popular users on Twitter with 80.4 million followers, paid $2.89 billion for the stake on Friday at Twitter’s closing share price.

    Twitter shares rose another 5 per cent Tuesday morning after soaring more than 27 per cent on Monday after reports of Musk’s stock purchase.