As per regulatory filings with the US Securities and Exchange Commission (SEC), the Tesla CEO. Elon Musk, has proposed to completely buy Twitter for approximately $43 billion. He also intends to turn it into a private company, as he reckons he is the perfect individual to lead the forum to maximize its tremendous potential.
The takeover bid he dubbed his best and final offer, a $54.20 per share, comes shortly after he obtained a 9.2% stake in the outfit earning him the highest shareholder status at the time and also turning down an invitation to the company’s board of directors on the morning his tenure was to begin.
The billionaire also divulged that he has no faith in the leadership of the firm and could not affect the modifications he craves. He also added that he would rethink his position as a shareholder should the bid be turned down.
Although Musk is worth about $265 billion, there is information on how he intends to pay $43 billion in cash should the deal pull through. He has also contracted leading wealth and investment banking giant Morgan Stanley as his financial advisor for the bid.
In response, Twitter through its board and input from Goldman Sachs and Wilson Sonsini Goodrich & Rosati, will carefully examine the request and make a decision that favors the corporation and its shareholders. It remains to be seen whether or not Musk’s bid will be accepted.
What the future holds for Twitter
The vocal billionaire with over 81 million followers on the social media platform since joining in 2009 is a self-acclaimed advocate for free speech and he feels the platform has not done enough to uphold the tenets of free speech in a democratic world.
There is likely to be less censorship should the bid be successful as the platform had in time past blocked the account of users like the former US President Donald Trump whom the platform claims run foul of its terms and conditions.
The platform’s highest shareholder has also tweeted a number of suggestions for the company. Some of these include turning the San Francisco base of the company into a homeless shelter, an edit button to the site, and also making Twitter ads free. Although the platform generates most of its revenue from advertising.