Twitter responds to Elon Musk’s buyout plan, says it will evaluate an “unsolicited, non-binding” offer

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Photo source: AP

Elon Musk offers to buy Twitter.

Highlights

  • Elon Musk offers to buy Twitter for $ 54.20 a share
  • Kasturi owns 9% of the company, which is the highest
  • The Twitter board said it would review and decide in the best interests of the company

In response to Tesla chief Elon Musk’s offer to buy, the Twitter board responded by saying it would evaluate an “unexpected, non-binding” offer in the company’s best interests.

Elon Musk 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 on 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.

Read also: Elon Musk offers to buy Twitter শেয়ার 54.20 per share: report

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