Elon Musk now offers to BUY Twitter entirely in hostile bid
Elon Musk has now offered a hostile bid to takeover twitter with 100 percent of all its shares. Here's our report.
Elon Musk has been making news lately ever since he became a notable shareholder in Twitter. But the Tesla and SpaceX CEO now wants to buy the microblogging site entirely! Yes, Elon Musk has placed a hostile bid to takeover Twitter, offering to pay $54.20 per share in cash. Musk says the company has enormous potential and he wants to unlock it by taking over the company.
Soon after Musk made the tweet official, Twitter responded to the development with a official statement. “Twitter Confirms Receipt of Unsolicited, Non-Binding Proposal from Elon Musk. Twitter Inc has confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company's outstanding common stock for $54.20 per share in cash. The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders," said Twitter in a post.
Elon Musk wants to buy Twitter
“The world's richest person will offer $54.20 per share in cash, valuing Twitter at about $43 billion. The social media company's shares rose just 5.3% to $48.27 at the market open in New York as investors began to assess how one of the platform's most outspoken users will succeed in his takeover attempt,” says the Bloomberg report.
Musk has been vocal about how Twitter needs to change considering the current circumstances. Last week, the Tesla CEO took a poll to ask people how many of them wanted the much awaited “Edit” button. Days later, Twitter disclosed that it ahs been working on an “Edit” button to make the user experience more pleasant. Musk is also suggesting granting automatic verification marks to premium users.
In the letter to Twitter's board alongside the offer, Musk said he believes Twitter “will neither thrive nor serve [its free speech] 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 added.