Elon Musk Is Offering To Buy Twitter For AU$58 Billion
Musk already owns 9 per cent of the company, but now wants to own it outright.
Elon Musk is among the most active billionaires on the micro-blogging platform, Twitter. The Tesla mogul and SpaceX CEO recently offered to purchase 100% of Twitter for about $43 billion (AU$58 billion). According to the 13D regulatory filing, the best and final offer stands at $54.20 per share in cash.
Elon Musk tries to buy Twitter
This represents a premium of 54% on the January 28 closing price. This was when Elon Musk decided to make investments in Twitter. However, Elon Musk also stated on April 13 that if his offer does not get accepted, he will have to reassess the investment.
Regarding this, the billionaire stated, “My offer is my best and final offer, and if it is not accepted, I would need to reconsider my position as a shareholder.”
Furthermore, Elon Musk also thinks that Twitter should go private if the platform must thrive. According to him, Twitter, in its current form, may not be able to serve its purpose. So, it can struggle to thrive in the future. For survival, Musk thinks that Twitter must be turned into a private company.
He further mentioned that Twitter’s potential is extraordinary and that he plans on unlocking it. As soon as the news broke, the shares of Twitter increased by more than 18% in the premarket trading. However, it was also recently revealed that Musk will be sued for his Twitter investments.
According to the class-action lawsuit, he disclosed the original purchase of his Twitter shares late. Next up, it is Twitter that must make a move. We can expect to hear more on it in the next few days.
In a recent TED Talk, Elon Musk further clarified his vision for Twitter. The billionaire sees Twitter as an area where free speech is encouraged within legal bounds. For that, Musk thinks that Twitter must become an open-source platform.
The many changes that Elon Musk plans to bring include an edit button that has been long-awaited. He also stated that he would try to get the platform free from crypto scams. The micro-blogging platform will be headed in an interesting direction if Musk’s offer does get accepted.
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