Tesla founder Elon Musk to buy Twitter? Offers $54.20 per share for buyout, say reports
The Tesla founder has reportedly made offer for complete buyout of Twitter. He has reportedly offered a price of $54.20 per share as the part of the deal.
New Delhi: Days after acquiring over 9% stake in microblogging site Twitter, billionaire Elon Musk dropped another bombshell on Wednesday.
The Tesla founder has reportedly made offer for complete buyout of Twitter. He has reportedly offered a price of $54.20 per share as the part of the deal.
The billionaire has written a letter to the company and offered to acquire all outstanding shares of Twitter.
“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,” Musk wrote in letter to Twitter Chairman Bret Taylor.
The proposal by Elon Musk, if accepted, will pave the way for ‘privatisation’ of the company as the former will have biggest say & control of operations in the company.
As the news broke, it reflected in shares of the company. Twitter shares jumped about 12%. It also surged when Musk announced buying over 9% stake in the company. Musk bought the stake in early March but refrained from joining the Board.
Elon Musk, a votary of free speech & unrestrained communication, wants to transform this into a private company and hopes to contain the ‘mediocrity’ that has set in the platform lately.
He also said that Twitter has an extraordinary potential and it can be an effective tool to promote free speech, imperative for functional democracy.
Last time, the billionaire made waves was when he launched a poll on Twitter, seeking opinion of netizens on whether the platform should introduce an Edit button for users.