Elon Musk, one of the creators of Paypal and owner of Tesla, has shown his intentions to take over 100% of the social network Twitter after having bought more than 9% of the company’s shares.
The billionaire has made an offer in which he would pay just over $54 a share for all the remaining shares of the company, which is 38% more money than Twitter’s shares are currently worth, and a 54% more than it was worth before he took over 9.2% of the shares. At that price, the company would cost a total of just over $41.9 billion.
The proposal has come in the form of a letter to the board of directors, where Elon Musk seems to want to define the future of the company, turning it into a private company to “to be the platform for freedom of expression around the world.” Although we do not know to what extent, that a single person with several controversies behind him, having control of a social network like this could help promote freedom of expression.
Elon Musk threatens to sell his shares
In any case, Musk points out that, after acquiring 9.2% of the shares, “he has realized that the company will not prosper if it does not become a private company”, offering the aforementioned $ 53.20 per share. Y threatening to sell their shares on twitter if they don’t accept his offer.
The translation of Elon Musk’s letter is as follows:
“I invested in Twitter because I believe in its potential to be the platform for freedom of expression around the world, and I believe that freedom of expression is a social imperative for a functioning democracy.
However, since making my investment, I now realize that the company will not thrive and meet this social imperative in its current form. Twitter needs to transform into a private company.
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 started investing in Twitter and a 38% premium over the day before I publicly announced my investment. My offer is my best and last offer and if it is not accepted I would have to reconsider my position as a shareholder.
Twitter has extraordinary potential. I’ll unlock it.”