Elon Musk offered to buy Twitter for $54.20 a share: Reports

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Photo source: AP

Tesla chief Elon Musk offered to buy Twitter.

Highlights

  • Twitter’s stock jumped 11% before opening
  • Elon Musk says Twitter has the potential to be a platform for freedom of speech around the world
  • The offer to buy from Musk is just the latest development in its relationship with Twitter.

Tesla chief Elon Musk has offered to buy Twitter for $ 54.20 a share. He added that social media companies need to change personally. The Tesla CEO said his offer came just days after he would no longer be joining the social media company’s board of directors.

Twitter Inc. said in a regulatory filing Thursday that Musk, who currently owns just over 9% of its stock and the company’s largest shareholder, sent a letter to the company on Wednesday offering to buy the remaining shares of Twitter. That he does not already own.

“I have invested in Twitter because I believe in the possibility of being a platform for free speech around the world, and I believe that freedom of speech is a social essential for an effective democracy,” Musk said in the filing.

“However, since my investment, I now realize that the company will not enrich or serve this social need in its current form. Twitter needs to be transformed into a private company. “

The offer to buy from Musk is just the latest development in its relationship with Twitter. The billionaire has revealed in regulatory filings in recent weeks that he has been buying shares in almost daily batches since January 31st. Only Vanguard Group’s mutual funds and ETF suites control more Twitter shares.

At the time, Twitter quickly offered Musk a seat on its board on the condition that it did not own more than 14.9% of the company’s outstanding stock, according to a filing. But Mask moved away from the deal.

Musk’s 81 million Twitter followers make him one of the most popular figures on the platform, competing with pop stars such as Ariana Grande and Lady Gaga. But his extensive tweets sometimes got him into trouble with the SEC and others.

In 2018, Musk and Tesla agreed to pay 40 million in civil fines, and Musk agreed to have his tweets approved by a corporate lawyer after he tweeted about having অর্থ 420 per share to take Tesla private.

That didn’t happen, but Tesla stock prices jumped because of the tweet. Musk’s latest issue with the SEC could be his delay in notifying regulators of his growing partnership on Twitter.

Musk described himself as a “free speech freelancer” and said he did not think Twitter adhered to the freedom of speech policy – an opinion shared by followers of Donald Trump and other right-wing political figures whose accounts had been suspended for violating Twitter content rules. .

Twitter’s stock jumped 11% before opening.

(With input from AP)

Also read: Elon Musk is in trouble again – sued by Twitter shareholders
Also read:
Elon Musk accused of breaking the law while buying Twitter stock

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