ICIR Nigeria
ELON Musk has launched a takeover bid for Twitter, offering to pay $54.20 per share, weeks after becoming the social media company’s largest shareholder.
Musk’s offer values Twitter at about $43 billion, which he said was his “best and final offer”.
The offer represents a 54 per cent premium over the day, according to a Securities and Exchange Commission (SEC), filing.
“I don’t have confidence in management” Musk revealed in the filing saying he couldn’t make the changes he wanted in the public market.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.
“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,” he said.
Musk also tipped Morgan Stanley as a financial advisor, according to the filing.
According to Musk, the social media company needs to go private because it can “neither thrive nor serve” free speech in its current state.
Twitter’s shares jumped 12 per cent in premarket trading after closing at $45.85 a share on Wednesday. Since Musk’s investment became public on April 1, Twitter’s share price has climbed 16 per cent…
