Elon Musk Offers To Buy Twitter For $41 Billion

Recently, Elon Musk determined now not to be a part of Twitter Inc.’s board of directors, Chief Executive Parag Agrawal said, a dramatic reversal that solid new uncertainty over the relationship between the social-media platform and its biggest shareholder.

(Reuters)

Billionaire Elon Musk has supplied to purchase Twitter for $54.20 per share in cash.

Recently, Elon Musk determined no longer to be part of Twitter Inc.’s board of directors, Chief Executive Parag Agrawal said, a dramatic reversal that forged new uncertainty over the relationship between the social-media platform and its greatest shareholder.

The world’s richest man will pay $54.20 per share in cash, representing a 54% top rate over the Jan 28. closing rate and a price of about $43 billion. The social media company’s shares soared 18%.
“I invested in Twitter as I trust in its doable to be the platform for free speech round the globe, and I accept as true with free speech is a societal critical for a functioning democracy,” Musk says in the filing. 

“However, for the reason that making my funding I now realise the organization will neither thrive nor serve this societal quintessential in its present day form. Twitter desires to be modified as a non-public company.”
Musk, 50, introduced the provide in a submitting with the U.S. Securities and Exchange Commission on Thursday. The billionaire, who additionally controls Tesla Inc., first disclosed a stake of about 9% on April 4.
The government is one of Twitter’s most-watched firebrands, regularly tweeting out memes and scoffs to @elonmusk’s greater than eighty million followers. He has been outspoken about adjustments he’d like to think about imposing at the social media platform, and the corporation supplied him a seat on the board following the announcement of his stake, which made him the biggest man or woman shareholder.

After his stake grew to become public, Musk straight away commenced attractive to fellow customers about potential moves, from turning Twitter’s San Francisco headquarters into a homeless refuge and including an edit button for tweets to granting automated verification marks to top rate users. One tweet counseled Twitter would possibly be dying, given that various celebrities with excessive numbers of followers not often tweet.

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