Elon Musk was set to join Twitter’s board of directors after purchasing a 9.2 percent stake, but he then reversed course and withdrew his name from consideration. Twitter has to be “changed,” he told the board, according to reports.
As reported by the Daily Mail, Elon Musk has offered to purchase Twitter altogether for $41.39 billion, or $54.20 per share.
I invested in Twitter because I think it can be a platform for free expression throughout the world, and I believe that free speech is a social need for the running of democracy,” Musk told the board, according to the Daily Mail.
Even after making an investment, he now realises the firm won’t be able to sustain itself or fulfil the needs of the community in its present form.” ‘Twitter has to be restructured as a privately held firm.’
I’m proposing to acquire 100% of Twitter for $54.20 per share, a 54% premium over the day before I started investing in Twitter, and a 38% premium over the day before my investment was publicly publicised,” added Musk.
Musk said that “if it is not accepted, I would need to reevaluate my status as a shareholder” after declaring that this is his last offer.
According to a regulatory filing, Elon Musk intends to purchase the company. On Monday, April 11, Tesla CEO Elon Musk signed an SEC filing stating that he had resigned from the company’s board of directors.
Musk would be allowed to “communicate his opinions” on the firm to the board, but he could also acquire more shares if he so desired, according to the paper.
Twitter’s board of directors has yet to officially respond.
Musk believed that “Twitter has enormous potential.” “I’ll open it for you.”