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Elon Musk Launches Hostile Twitter Takeover, Offers to Buy Company for Sh4.9 Trillion

Elon Musk Appointed to Twitter Board

Photo courtesy

Billionaire Elon Musk has reportedly launched a take-over of social media app Twitter, and is now offering to buy the company at $43 billion (Sh4.9 trillion). Last week, Musk rejected a seat at the company’s board just a few days after he acquired a 9.2 percent stake of the company.

According to Bloomberg, Musk placed his “best and final” to buy Twitter Inc. saying the company had great potential which he looks forward to unlocking.

“My offer is my best and final offer and If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” Musk said in a letter to Twitter’s board.

Read: It Was Not an April Fools’ Prank, Twitter is Adding an Edit Button

A regulatory filing shows that the Tesla CEO offered $54.20 per share representing a 54 percent premium over the Jan. 28 closing price and a value of about $43 billion. The social media company’s shares soared 18%.

“Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk said in a letter to Twitter Chairman Bret Taylor.

Musk Turned down an offer to join Twitter’s board last week, a move that would have prevented him from taking over the company.

 

Screenshot of Elon Musk’s offer Docs


(Courtesy Elon Musk)

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Written by Vanessa Murrey

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