Elon Musk, the CEO of Tesla, Inc, has made an unsolicited $43 billion bid to take TWTR private. In a filing with the U.S. SEC, Musk indicates that he proposes to pay $54.20 in cash per share.
After closing at $45.85 on April 13, 2022, Twitter initially surged to around $50 in pre-market trading before the open on April 14, then settled back to about $48.
Musk disclosed a roughly 9% stake in Twitter on April 4. Twitter indicates that its board of directors will review the proposal
And make a response that is in the best interests of all Twitter stockholders
Musk has been a very active user of Twitter, with over 80 million followers.
He also been vocal about changes that he wants to see at Twitter, which offered him a board seat after his stake was revealed.
In particular, Musk has criticized Twitter about its exercise of censorship. In a letter to Twitter's board that presents details about his offer, Musk said that Twitter:
Will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a private company.
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
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