Elon Musk proposes Twitter acquisition for $43.4 Billion

Insight Bureau: Billionaire Elon Musk has offered to buy Twitter for about $43.4 billion.

Musk offered $54.20 a share, which values the social media firm at $43.4 billion, in a filing dated on Wednesday April 13 with the Securities and Exchange Commission.

In a letter to Twitter Chairman Bret Taylor, Musk said that the company needs to go private in order to see effective changes.

Musk in his regulatory filing to the Securities and Exchange Commission (SEC) said, “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 realize 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”, he added.

#ElonMusk offers to buy #Twitter .#ElonMuskTwitter #TNI #Insight pic.twitter.com/GG0Q3LvGvP

— The News Insight (@TNITweet) April 14, 2022