Elon Musk Wants to Buy 100% of Twitter in Hostile Takeover

Elon Musk, who lately purchased a 9.2% stake in Twitter, has made a proposal to purchase the corporate outright for $54.20 per share in money in a hostile takeover of roughly $43 billion, in keeping with a brand new from Bloomberg News and paperwork filed with the SEC. Musk stated in tjhe SEC submitting that if his supply isn’t accepted he’ll doubtless promote all his shares.

Musk, the wealthiest individual on the planet with a internet value of roughly $260 billion, made headlines earlier this month when it was introduced he bought an infinite slice of Twitter, making him the biggest shareholder. Musk was going to affix the board, however backed out on the final minute, with hypothesis he could wish to simply purchase the complete firm.

That hypothesis turned out to be appropriate, with Musk threatening to take his ball and go house if he can’t take the corporate non-public along with his bid.

“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,” Musk stated in his SEC filing concerning the hostile takeover.

“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk continued.

“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it’s not accepted, I would need to reconsider my position as a shareholder,” Musk wrote.

“Twitter has extraordinary potential. I will unlock it.”

The doc makes clear Musk’s supply of $54.20 per share, a premium of over 50%, is his remaining supply, saying he’s “not playing the back-and-forth game.”

“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,” Musk stated.

“This is not a threat,” Musk stated in what was clearly a risk. “It’s simply not a good investment without the changes that need to be made,” Musk continued.

Musk is a frequent tweeter and infrequently makes crude and juvenile jokes on Twitter that may get him into bother. The 50-year-old lately floated the thought of adjusting the identify of Twitter to “Titter” and as soon as tweeted a meme evaluating Canadian Prime Minister Justin Trudeau to Adolf Hitler. Both tweets have been eliminated.

What occurs now? Twitter has to resolve whether or not to just accept this beneficiant supply, or flip it down and cope with quite a lot of pissed off shareholders.