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The president of Tesla, Elon Muskwho recently acquired 9.2% of the capital of Twitterproposed to buy the entire company at a price of US$54.20 per share and withdraw the company from Wall Street.
In a document to the supervisory authority of the US stock market, Musk specifies that it is “his best offer and his last offer”, and threatens, in case of rejection, with “re-examining his position as a shareholder” within the the social network.
Elon Musk, an outsider on Twitter once more, emerges as an untethered wild card for the company
Following this announcement, Twitter stock soared 11.34% to $51.05 in electronic trading ahead of the Wall Street open. However, on the verge of starting trading on Wall Street, the company’s shares moderated their performance and are now up 6.5%.
Addressing Twitter’s chairman of the board, Bret Taylor, in a letter, Musk claims to have invested in the platform because of its important role in favor of “free speech around the globe,” which he says is “a social imperative in the world.” a democracy”.
Shareholders sue Elon Musk for delay in disclosing his involvement in Twitter
“However, since I made this investment, I realized that the company would not prosper and would not serve its social imperative in its current form,” he estimates, proposing to delist Twitter.
“I propose to buy 100% of Twitter at the price of US$54.20 in cash, that is, a premium of 54% compared to the day before the start of my investment in Twitter and 38% compared to the day before the public announcement of my investment” details Elon Musk.
The figures advanced by Musk would value Twitter at US$43.4 billion, once morest the current US$37 billion.
Proposal received
As reported by PR newswire, Twitter has already confirmed that it received “an unsolicited and non-binding proposal from Elon Musk to acquire all of the company’s outstanding common shares for $54.20 per share in cash.”
Given this, the social network said that its board of directors “will carefully review the proposal to determine the course of action that it believes is best for the Company and all Twitter shareholders,” the report highlights.
