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 experiences of billionaire Elon Musk’s bid to take over Twitter unfold like wildfire on social media, the Tesla CEO tweeted the “provide” 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 provide, the approximate valuation of Twitter stands at $43 billion.

Within the SEC submitting, Musk mentioned the social media agency had “extraordinary potential” and he needed 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 without spending a dime 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 type. Twitter must be reworked as a non-public firm,” he additional mentioned.

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

“Because of this, 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 provide is my finest and last provide and if it’s not accepted, I would want to rethink my place as a shareholder. Twitter has extraordinary potential. I’ll unlock it,” Musk wrote to Taylor.

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

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

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