If there is one thing for sure, Tesla and Space X CEO Elon Musk is unpredictable and aggressive when it comes to his business decisions.
Known more as a quirky libertarian, though he has no problem taking massive amounts of government grants and tax credits, Musk has been recently been challenging big tech’s censorship, especially their suppressing of only certain speech
On Wednesday, the billionaire reportedly put in a bid of $41.39 billion to take complete control of the company, and earlier today in an official statement Twitter said: “The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
Musk currently owns 9.1 percent of the company, making him the largest shareholder.
Following Musk’s offer to buy Twitter outright on Thursday morning, Twitter responded with an additional statement, “Twitter, Inc today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash.
Musk announced his offer to buy the company on Thursday, issuing a tweet saying, simply “I made an offer,” and linking to the filing with the Securities and Exchange Commission.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
That filing included a letter sent to Twitter’s Chairman of the Board Bret Taylor, reading:
“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.”
Musk’s offer would represent a 54 percent premium over Jan 28. closing price and a value of about $43 billion.
According to Reuters, Twitter would be having an all-hands meeting on Thursday to address the matter.
— Steve Herman (@W7VOA) April 14, 2022
Musk drew his red line by saying that this was his “Best and Final” offer, saying “I am not playing the back-and-forth game,” “I have moved straight to the end,” “It’s a high price and shareholders will love it.”
In the event that the purchase does not go through, Musk said “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.”
“This is not a threat,” he went on to say, “it’s simply not a good investment without the changes that need to be made. And those changes won’t happen without taking the company private.”
“My advisers and my team are available after you get the letter to answer any questions. There will be more detail in our public filing. After you receive the letter and review the public filings, your team can call my family and office with any questions.”
My gut feeling is left, the Biden administration and DOJ will do everything possible to block the sale.
Musk will not own Twitter, but he will have publically drawn out the real purpose for the social media’s existence; it’s part of the Democratic Party’s propaganda machine, controlling speech in the public square.
This story syndicated with permission from Eric Thompson, Author at Trending Politics