Elon Musk, 9% is not enough: now he wants to acquire 100% of Twitter

The answer to why Elon Musk refused to join the Twitter board would come. As reported by the Financial Timesthe CEO of Tesla and SpaceX made a “best and final” offer for the purchase of 100% of Twitter valuing the company at $ 43.4 billion. This is what Musk said:

“My offer is my best and last and if it is not accepted I will have to reconsider my position as a shareholder. I have invested in Twitter because I believe in its potential as a platform that offers free speech around the world, and I believe that the freedom to word is a social imperative for a functioning democracy. However, since I made my investment I realize that the company will neither thrive nor serve this social imperative in its current form. Twitter needs to be transformed as a private company “.

Musk’s offer of $ 54.20 per share comes within days of acquiring a 9% stake in the popular social network, becoming its largest shareholder. Elon Musk filed an offer to buy to the Securities and Exchange Commission of the United States.

The filing states that the offer of $ 54.20 is 38% higher than the price of the shares acquired in early April, the day before the purchase was announced. Meanwhile, Twitter’s shares rose more than 13 percent, while Tesla’s shares fell 1.5 percent likely due to fears of “distractions.”

Precisely with regard to the acquisition of 9%, Musk will have to defend himself from a class action filed for having communicated the operation with a delay of 11 days compared to the provisions of the law. Musk, in fact, was required to submit the documents to the SEC by March 24, which he would have done only on April 4.

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