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Tesla CEO Elon Musk Offers To Purchase All of Twitter Shares
Elon Musk is looking to buy Twitter
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Keynotes
- Elon Musk, the founder and CEO of Tesla, suggested purchasing all of Twitter for $54.20 per share, valuing the company at $43 billion, in a letter to Twitter’s chairman of the board, Bret Taylor.
- In a letter to the Securities and Exchange Commission, Tesla CEO Elon Musk says he’s “offering to purchase 100% of Twitter for $54.20 per share in cash.”
- Musk resigned from the board of directors of the social media firm for undisclosed reasons after purchasing around 10% of the company.
Twitter has “great potential,” according to Musk, who states so in his letter. - After making his first investment in the company, Musk has determined that “the business will neither develop nor meet this social aim in its current form” and that “Twitter must be recreated as a private corporation.”
In a letter to Twitter’s chairman of the board, Bret Taylor, Elon Musk, creator and CEO of Tesla, proposed buying all of Twitter for $54.20 per share, valuing the firm at $43 billion.
Tesla CEO Elon Musk claims he’s “offering to acquire 100% of Twitter for $54.20 per share in cash” in a letter to the Securities and Exchange Commission. For unknown reasons, Musk left the board of directors of the social media company after buying about 10% of the company.
According to Musk, who says as much in his letter, Twitter has “amazing potential.” Musk has now concluded that “the business will not grow nor satisfy this social objective in its present form” and that “Twitter has to be reinvented as a private firm” after making his initial investment in the company.
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Musk concludes that if his bid is rejected, he will have to rethink his position as a shareholder. It’s been a while since Tesla CEO Elon Musk hasn’t been a fan of Twitter’s rules. He has even thought about creating a new social media platform.
According to a statement released on Thursday, Twitter has acknowledged that it has received Musk’s offer and will “seriously analyse the proposal to decide the course of action that it feels is in the best interest of the company and all Twitter investors“.
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