Business and tech

Elon Musk has got his eyes on Twitter

todayApril 18, 2022 1

Background
share close

Elon Musk, CEO of Tesla, has offered to buy Twitter, claiming that he is the best person to “unlock” the social media platform’s “extraordinary potential.”

Mr Musk, in a surprise announcement, said he would pay $54.20 per share for Twitter, valuing it at around $40 billion. Mr Musk was recently revealed to be Twitter’s largest shareholder after amassing a sizable stake in the company. If his offer was not accepted, he stated, “I would need to reconsider my position as a shareholder.” Mr Musk also stated that if Twitter’s board of directors rejects the offer, it would be “utterly indefensible” not to put the offer to a shareholder vote. Twitter’s stock rose 5.3 percent in early trading to $48.32 before falling back to more than $46.20 later. A filing with the US Securities and Exchange Commission appeared to show text and/or voice messages from Mr Musk to Twitter’s board, indicating that he raised the idea of going private over the weekend. Mr Musk had been invited to join the board of directors, but he declined on Sunday, according to Twitter.

 

According to Mr Musk, “Twitter has a lot of promise. I’ll get it opened.” After it was revealed that Mr Musk owned 9.2 percent of the company, Twitter offered him a seat on its board. The position was supposed to start last weekend, but Mr Musk decided not to take it. On Monday, Twitter CEO Parag Agrawal tweeted that Mr Musk’s decision not to run for a seat on the board was “for the best.” Following that announcement, Mr Musk sent out a cryptic tweet featuring a smiling emoji with its hand over its mouth. Mr Musk has already hinted at some of the changes he would like to see at Twitter. He has proposed changes to the Twitter Blue premium subscription service, which was launched last year in Canada and Australia, such as lowering the price, prohibiting advertising, and allowing users to pay the monthly fee with the cryptocurrency dogecoin. A question directed at his 81 million followers was whether the company is dying and if the headquarters should be turned into a homeless shelter.

 

Elon Musk, CEO of Tesla, has admitted that he is “not certain” that his takeover bid for Twitter will be successful. He made the remarks at a press conference just hours after revealing that he had offered to buy the company for $54.20 per share, valuing it at $43 billion. On Thursday, Twitter’s CEO stated to the employees that he was considering the approach.  According to reports, at the staff meeting, Parag Agrawal stated that the offer was not “holding hostage” the company. Mr Musk said at the TED 2022 conference in Vancouver, “I’m not sure I’ll be able to acquire it.” He went on to say that if his bid for Twitter was rejected, he had a “Plan B”, but he didn’t elaborate on what that might entail. Mr Musk also stated at the event that Twitter should be more open and transparent. “I think it’s critical that there be an inclusive arena for free speech,” he said.

 

Written by: Relaks Radio

Rate it

Previous post

Entertainment

Designer Muaddi denies rumours of A$AP Rocky cheating on Rihanna

The past 24 hours have seen Twitter erupt with rumours that A$AP Rocky had cheated on his pregnant girlfriend — none other than Rihanna — with designer Amina Muaddi. Muaddi is also a designer for Fenty Footwear, a fashion line founded by Rihanna herself.   Fortunately, none of it was true. At least, that's what Muaddi claimed in a message posted to her Twitter account on Friday (April 15), in […]

todayApril 18, 2022 1

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *

0%