Tesla tompan Elon Musk has made a takeover offer on Twitter, he announced in a letter to the board of the social media app. He wants to reform Twitter and also take the service off the stock exchange. Musk threatens to sell shares if his offer is not accepted.
Elon Musk and Twitter
Elon Musk, Tesla boss and the richest man in the world, has a public takeover bid done on Twitter. The businessman recently bought 9.2 percent of Twitter’s shares, pushing the share price up by 38 percent. Yet it is now becoming clear that the billionaire wants to go even further.
“After making my investment, I realized that the company will not be successful in its current form and will not be able to achieve its social goals,” Elon Musk wrote in an open letter to Twitter chairman Bret Taylor. “Twitter needs to be reformed as a private company.”
Elon Musk is critical of the social media app and believes that Twitter suppresses opinions on its platform. He also wants to delist the company and promises to unlock Twitter’s “full potential” after the acquisition. Musk says he wants to deposit $ 54.20 per share, which is a significantly higher price compared to when the businessman did not yet invest in Twitter.
Knife on the throat
Still, the billionaire is also keeping something in reserve for when the Twitter top considers dropping his offer. “It is my best and last offer. If it is not accepted then I would have to reconsider my position as a shareholder.”
When Elon Musk’s offer is refused, he threatens to sell his shares, which would deal a significant blow to the company’s price. At the same time, Twitter has never made a profit since its inception and recently the company fell short of its targets with its quarterly revenue and user growth, it wrote. Reuters†
The most popular articles on Twitter
- Twitter gets an edit button for tweets: what you need to know
- ‘Twitter may offer podcasts: we already know this’
- Twitter test feature that lets you get out of conversations you don’t care about anyway
- Twitter lets you pin DMs and test downvote button
– Thanks for information from Androidworld. Source