Elon Musk targeted Twitter on Thursday with a 41 billion cash offer seeking shares in the social media giant, which Tesla CEO says needs to be privatized to grow and become a free speech platform.
"Twitter has extraordinary potential. I'm going to unlock it, "Musk said in a letter to Twitter's board of directors on Wednesday, which was released in a regulatory filing on Thursday. Musk's offer price of $ 54.20 per share represents a 38% premium to Twitter's closing price on March 1.
The billionaire turned down an offer to join Twitter's board after announcing his stake this week, with analysts saying his stake would be reduced to just 15% while analysts said his intention to own the company would be less limited to companies taking board seats.
"Ever since I made my investment, it has been clear to me that the company will not grow in its current form and will not meet these social requirements. Twitter needs to be turned into a private company, "Musk said in a letter to Twitter President Brett Taylor.
Musk, who describes himself as an independent speech dictator, has criticized the social media platform and its policies and recently conducted a poll on Twitter asking users if they believe in the principles of free speech.
About the new update Elon Musk Social Media App
Tesla's Bose also conducted a poll last week asking users if they believe Twitter "strictly adheres to the principles of free speech." Seventy percent of users surveyed, with more than 2 million voters, believe that Twitter does not fully respect freedom of expression.
At the moment, Musk's tweet only opens up speculation, that the US-based entrepreneur will never be able to launch his platform. Some Twitter users started speculating about the name of their social media platform. The algorithms of Twitter and other social media platforms have been criticized by many celebrities, including former US President Donald Trump. Trump will be banned from Twitter and meta-owned platforms for inciting US capital riots in early 2021. Donald Trump later launched his own social media platform, Truth Social, available on the Apple App Store.
"My offer is my best and final offer and if not accepted I will have to reconsider my position as a shareholder," Musk said. A source told Reuters that Twitter would review the proposal with the advice of Goldrich Sox and Wilson Sons of Goodrich and Rosati.
Shares of Twitter are up 12% in premarket trading, while Tesla is down about 1%. Based on Twitter's Wednesday close of $ 45.85, the price in Premarket New York trading indicates a 35% chance that the company will accept Musk's offer.
According to Refinitiv, the total transaction value of $ 41 billion was calculated based on the remaining 763.58 million shares. Musk said US investment bank Morgan Stanley acted as a financial adviser for his bid. He did not say how he would fund the transaction if it went through.
Elon Musk Social Media App Feature
- See the latest tweets, retweets, replies, and quotes in near real-time
- You receive notifications as soon as you tweet (mobile app only)
- Check out Elon's latest popular tweets
- Choose to show only certain types of Twitter activity that you want to see
- View and open all media associated with the tweet
- Find Elon's Twitter activity
- Tap to view profiles, tweets, and mentions directly on the Twitter platform (Twitter account not required)
- Share content with your friends and families
- Night mode
If you encounter any problems, please do not hesitate to send feedback.
How to download and install the Elon Musk Social Media Apk?
This unique property ensures that its users are always protected. If you cannot find this app in the Google Play Store, you can always download it from this website. Follow the steps below to install this app on Android devices before completing the idea.
- Go to "Unknown Sources" in Settings. After that, go to Security and enable the Security option.
- Go to the download manager of your Android device and click on Elon Musk Social Media. Now it's time for you to download it.
- Two options can be found on the mobile screen. There are two ways to install an operating system and all you have to do is boot it quickly on your Android device.
- You will see a popup with options on your mobile screen. You have to wait a while for it to appear.
- When all downloads and installations are complete, just click the "Open" option and open the screen on your mobile device.
Conclusion
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