Elon Musk's US$43 Billion 'Hostile' Twitter Buyout

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Tesla founder claims the social media platform has ‘extraordinary potential’ and needs to be a free speech platform

Elon Musk's US$43 Billion 'Hostile' Twitter Buyout | BEAMSTART News

Tesla and SpaceX founder, Elon Musk has submitted a “best and final” offer to buy Twitter.

Musk added that he is the right person to “unlock” the social media platform’s “extraordinary potential”.

The Tesla’s chief executive officer offered US$54.20 per share for Twitter, valuing it at about US$43 billion.

Twitter‘s board stated that they will “carefully review” the offer to determine the course of action which will be the best interest of the company and its shareholders.

Key Highlights

  • Elon Musk currently holds a 9.2% stake in Twitter, after an earlier acquisition this month.
  • Musk used to be Twitter’s largest shareholder till Vanguard Group recently upped their stake to 10.3% in the social-media platform, making the asset manager Twitter’s largest shareholder.
  • However, Must mentioned that he might have to sell his shares if the deal falls through due to the fact that it is not a good investment without the changes that need to be made.
  • The world’s richest man reached out to Twitter’s board last weekend on the idea that the company should go private.
  • Musk recently declined the invitation to join the social media platform’s board.
  • Elon Musk has been advocating freedom of speech on the social media platform ever since the beginning of the Twitter saga.
  • There were certain hints of change that Musk would implement at Twitter such as slashing the price and giving users the option of paying the monthly fee with the cryptocurrency, dogecoin for the Twitter Blue premium subscription service.

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