Elon Musk has offered to buy Twitter for $54.20 per share this morning, a total of $43bn (£33bn). The Telegraph has the story.
It comes the week after the Chief Executive of SpaceX and Tesla emerged as Twitter’s biggest shareholder and days after he ditched plans to join the company’s board, which would have capped his shareholding and prevented a takeover.
In a letter to the Twitter chairman, Bret Taylor, Mr Musk wrote: “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
“However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.
“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.
“Twitter has extraordinary potential. I will unlock it.”
In a previous text message to Mr Taylor, published on Twitter, he wrote: “As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made. After the past several days of thinking this over, I have decided I want to acquire the company and take it private.”
He’s clearly had enough of the internet’s public square banning people for not being woke or on-message enough. Will his takeover succeed?
Worth reading in full.
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