Home Business ‘Twitter Needs To Be Transformed As A Private Company’: What Elon Musk Said In His SEC Filing

‘Twitter Needs To Be Transformed As A Private Company’: What Elon Musk Said In His SEC Filing

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New Delhi: As reviews of billionaire Elon Musk’s bid to take over Twitter unfold like wildfire on social media, the Tesla CEO tweeted the “supply” he made in a filing with the US Securities and Exchange Commission.

“I made a proposal,” Elon Musk tweeted whereas attaching the hyperlink to the regulatory submitting.

Within the SEC submitting, Musk made a proposal to purchase 100 per cent of Twitter at $54.20 per share in an all-cash transaction. As per Musk’s supply, the approximate valuation of Twitter stands at $43 billion.

Within the SEC submitting, Musk mentioned the social media agency had “extraordinary potential” and he wished to unlock it whereas attaching a letter he despatched to Twitter chairman Bret Taylor.

“I invested in Twitter as I imagine in its potential to be the platform at no cost speech across the globe, and I imagine free speech is a societal crucial for a functioning democracy,” Musk mentioned within the submitting.

“Nonetheless, since making my funding I now realise the corporate will neither thrive nor serve this societal crucial in its present kind. Twitter must be reworked as a non-public firm,” he additional mentioned.

Elon Musk mentioned his “supply is my finest and ultimate supply” and he would rethink his place as a shareholder if it was rejected.

“In consequence, I’m providing to purchase 100% of Twitter for $54.20 per share in money, a 54% premium over the day earlier than I started investing in Twitter and a 38% premium over the day earlier than my funding was publicly introduced,” the SpaceX CEO mentioned within the submitting.

“My supply is my finest and ultimate supply and if it’s not accepted, I would wish to rethink my place as a shareholder. Twitter has extraordinary potential. I’ll unlock it,” Musk wrote to Taylor.

Musk presently owns barely greater than 9 per cent of its inventory and is the corporate’s greatest shareholder.

The supply by the Tesla Chief Govt Officer (CEO) comes days after Musk mentioned he would not be becoming a member of Twitter’s board of administrators.

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