Elon Musk’s Stake in Twitter:
Tesla CEO Elon Musk recently bought 73,486,938 shares of Twitter, representing a 9.2% stake in the company making him the largest shareholder of the social media company, leaving behind the ex-CEO of the company Jack Dorsey who has around 2.25% stake in the company. After Musk criticized the company, in less than two weeks, Musk bought a 9.2% stake in the company. He criticized the company with the following tweet:
“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?”
Last month, Musk was also thinking of making a new social media platform. Elon Musk is an active Twitter user. He regularly tweets about such things and even got his company in boiling water with his tweets which resulted in the dipping of Tesla’s shares and the company’s investors was not happy. When he mentioned the company Signal in his tweet “Use Signal” to tell people to switch to Signal with growing privacy concerns on WhatsApp, many investors invested in another company named “Signal Advance Inc”. We can see that he is controlling the entire market, and what happens if he buys out the company, which is our next coverage.
Source: Twitter – (Signal)
Musk Offers $43 Billion To Buy Twitter
A little over a week after Elon Musk bought a 9.2% stake in the company, Elon Musk offered to buy Twitter for 43 billion dollars. He has offered to buy the company for $54.2 a share highlighting that the company needs to be transformed into a private company to provide “free speech” in the future.
Elon Musk mentioned that he isn’t interested in making money off it and doesn’t care about economics at all. “This is not a way to sort of make money, it’s just that I think my strong, intuitive sense is that having a public platform that is maximally trusted and broadly inclusive, is extremely important to the future of civilization,” Musk mentioned in TED2022. Before buying the stake in the company, he criticized Twitter for whether the company followed the free speech principles.
“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 is getting his hands on the big giants after acquiring four times the stake Jack Dorsey owns.
Elon Musk’s Letter to Twitter 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.
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.
Twitter has extraordinary potential. I will unlock it.
In TED2022, he also mentioned that he isn’t interested in buying Twitter at all, but he’ll reconsider his position as a shareholder. Some people are completely disregarding Musk’s offer and want Twitter to reject the buyout offer. Currently, Parag Agrawal and the other board of directors are evaluating Musk’s buyout offer. We’re not sure what would happen if Musk buys the company but if he does, he’s going to be thinking about maximizing the trust and function and the principles should pertain to the function of democracy.
What changes we may expect:
First and foremost, as Elon Musk tweeted in a poll, regarding an edit button on the tweets, It’s high time Twitter give its users an edit button and also improves the overall platform. Hoping for the best.
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