After announcing his intention to lead Tesla and SpaceX, Twitter’s stock price immediately skyrocketed.
Elon Musk never hid his passion for Twitter, which led to the South African billionaire shopping for the company ten days ago. And since then, his proposals to reform the social media platform have met, although he has refused to sit on the board, so it wasn’t clear what he wanted to do with his 9.2 percent stake.
Well, now we know: in one step, called a hostile takeover in jargon, you want to expand to 100 percent, and that’s why you made your offer. Musk would pay no less than $ 43.4 billion in cash for the entire company, which is $ 54.2 per paper. At the time of writing, the stock was trading at $ 50.97, up 11.97 percent from yesterday’s closing price, meaning the market has responded positively to the announcement.
In an email to Bret Taylor, chairman of Twitter’s board, Elon Musk explained his decision as follows:
“I have invested in Twitter because I believe that freedom of speech can be a platform in the world and I believe freedom of speech is the foundation of a functioning democracy. Twitter needs to become a private company. “
Musk, who put everything on one sheet, also added that in the event of a rejection, he would re-evaluate his position as an owner, which would most likely involve a sale. And that could lead to a weakening of stocks.
“As a result of all this, I am offering to buy 100% of Twitter for $ 54.2 per paper, which is 54 percent more than the exchange rate at the beginning of my investment and 38 percent higher than the value I paid on the day my investment was disclosed. “This is my best and last offer, and if it is not accepted, I will have to reconsider my position as a shareholder.”
Source: PC World Online Hírek by pcworld.hu.
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