If you thought that you’ve heard everything there is to hear about Elon Musk and his involvement in Twitter, well, think again. CNBC reports that Elon Musk wants to buy Twitter.
Elon Musk actually wants to buy Twitter now
As a reminder, Elon Musk recently acquired 9.2-percent of Twitter, for which he spent $2.89 billion. Following that, it was thought he’ll join the board of directors, but the company’s CEO confirmed it’s not happening. Following all that, a report surfaced, saying that Elon Musk is facing a class action lawsuit as he didn’t file the required paperwork in time, and even continued to gain shares in the meantime.
That brings us to today’s report. Elon Musk is making his “best and final” offer to buy Twitter, to buy 100-percent of its shares. He’s offering $54.20 per share, in cash, in order to push the deal through.
It is reported that this proposal was delivered in a letter to Twitter on April 13. Elon Musk believes that Twitter needs to go private in order for some much-needed changes to be made.
“Twitter has extraordinary potential. I will unlock it.”
“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”, said Elon Musk in his letter to a Twitter Chairman Bret Taylor. He also said that “Twitter had extraordinary potential” that he plans to “unlock”.
Do note that Twitter’s market valuation is around $37 billion, while Musk is worth around $260 billion, according to Bloomberg. His offer to buy Twitter is $43 billion, once again, in cash.
The Verge reports that Twitter’s shares are up over 13-percent, and Tesla’s dropped by 1.5-percent. It seems like there are fears that Elon Musk will get distracted by Twitter. Needless to say, he has plenty on his plate already,
For those of you who don’t know, Elon Musk already leads four extremely popular, and successful companies, Tesla, SpaceX, The Boring Company, and Neuralink. If you’d like to read Elon Musk’s letter in its entirety, click here.