Elon Musk, the world’s richest man, has launched a hostile takeover bid of Twitter — promising to “unlock” its “extraordinary potential” as a private company. The potential deal could be worth upwards of US $43 Billion. It’s the latest twist in a stunning multi-week saga between Musk and Twitter. While he is a prolific Twitter user with more than 80 Million followers, Musk is also a frequent critic of the social media service. In a SEC filing dated Wednesday (13th April 2022), the Billionaire Tesla and SpaceX CEO proposed $54.20 a share for Twitter, calling it his “best and final offer. If it is not accepted, he added, “I would need to reconsider my position as a shareholder.” Musk recently disclosed he has acquired a 9.2% stake in Twitter, suddenly becoming its largest shareholder. Twitter then offered him a seat on their Board of Directors, however, Musk later declined the offer. In a letter addressed to Twitter Chairman Bret Taylor, Musk said the following: 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. Twitter’s share price closed near $46 per share on Wednesday but it was up 10% in pre-market trading on Thursday morning. If Musk decided to unload his shares, it could send the company’s stock price sharply lower.
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23/7/2023 08:00:58 am
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