Elon Musk, after becoming Twitter’s largest shareholder with 9.2% stake in the company, has offered to buy the remaining shares for $43 billion, which would make him the sole owner of the platform.
“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,” Musk said this week in a letter to Twitter board chairman Bret Taylor.
“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,” wrote Musk.
“Twitter has extraordinary potential. I will unlock it.”
He added that he would need to “consider my position as a shareholder” if the offer was declined.
Twitter’s board reportedly launched a meeting this week to discuss the offer.
Musk – a South African aerospace and electric car entrepreneur – is the wealthiest man in the world, and is believed to have a personal fortune of $260 billion according to Bloomberg.
However, at least one major Twitter shareholder has said he will reject Musk’s buy-out offer.
Al Waleed bin Talal, a Saudi prince, said on Twitter he believed Musk’s offer was far too low.
“I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of (Twitter) given its growth prospects. Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.”
Musk responded with two questions.
“How much of Twitter does the Kingdom [of Saudi Arabia] own, directly and indirectly?” Musk asked.
“What are the Kingdom’s views on journalistic freedom of speech?”
Interesting. Just two questions, if I may.
How much of Twitter does the Kingdom own, directly & indirectly?
What are the Kingdom’s views on journalistic freedom of speech?
— Elon Musk (@elonmusk) April 14, 2022
One individual responded with a New York Times article about former Twitter employees who were charged with spying for the Kingdom of Saudi Arabia.
🧐
— Elon Musk (@elonmusk) April 14, 2022
This week Musk defined free speech as when “someone you don’t like is allowed to say something you don’t like.”
NOW – Elon Musk says free speech is when "someone you don't like is allowed to say something you don't like." pic.twitter.com/S2qJ9xBdLf
— Disclose.tv (@disclosetv) April 14, 2022
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