What seemed to be a mutually beneficial partnership between Elon Musk and Twitter, which started out as a friendly chat, has now turned into a power struggle that has just taken another expensive turn.
Earlier this month, Tesla’s CEO bought about 9.2% of Twitter’s total shares, making him the company’s largest shareholder, and offered Twitter CEO Parag Agarwal a seat on the Twitter board, which he later rejected.
Musk’s new position on Twitter has sparked a less-than-thrilling response from Twitter staff, who said they felt “pressured” by the news, while other shareholders even went so far as to sue Musk for his public delays. Acquisition of Twitter shares with SEC.
Now, Musk is threatening to wipe out all intermediaries by buying Twitter and all its shares in a $ 43 billion deal, according to SEC filings this week.
Related: Elon Musk will no longer join the Twitter board
“I have invested in Twitter because I believe in the potential to be a platform for freedom of speech around the world and I believe that freedom of speech is a social imperative for an effective democracy,” Musk told Twitter Board Chairman Brett Taylor in a letter to the board. Filing “However, since my investment, I now understand that the company will not enrich or serve this social need in its current form. Twitter needs to be transformed into a private company … Twitter has tremendous potential. I’ll open it. “
Musk offered to buy Twitter at $ 54.20 per share in cash, which he said was a 54% premium from the day before he started buying Twitter stock. He said his proposal was “the best and final” and warned that he would “reconsider” his shareholder’s position if his proposal was not accepted.
“It’s a high price and your shareholders will love it,” Musk told Taylor.
Tesla CEO Tweet out The SEC told its 81.6 million followers “I made an offer.”
Surprisingly, Twittervers went wild after hearing the news, some in favor and others not so much.
Elon Musk is only willing to do what he can. He is putting a significant portion of his huge fortune in line to defend freedom of speech in America. At such times, we need such men to help save our society and our civilization @ Elnmask
– Dinesh D’Souza (DineshDSouza) April 14, 2022
The next time you think you’re overreacting, remember that Elon Musk is really willing to pay $ 43 billion just to get people on Twitter to stop laughing at him.
– Shiv Ramdas Training to Rite Book (@nameshiv) April 14, 2022
Why Elon Musk Wants to Get Rid of Billionaires
It is not enough to tell them to chip in the fair part. It is not enough to control them.
When people are allowed to have such a concentrated influence, they will inevitably spread economic power to all other powers.
– Anand Giridhardas @ The.Ink (nAnandWrites) April 14, 2022
Elon Musk is making a play for Twitter from his tiny cash drawer, another example of why accumulating so much wealth in the hands of some people is a social disease.
– Walter Shaab (Waltshaub) April 14, 2022
Elon Musk is worth $ 302.1 billion, almost double the second richest person. Twitter has a market value of $ 37.6 billion.
If Musk had bought Twitter, even if the price had dropped to $ 0, he would still be the richest man in the world.
But if he owns Twitter, it will be very profitable.
– Michael Quinn Sullivan (@MQSullivan) April 13, 2022
Either way, Twitter stock rose 12% in premarket trading on Thursday, again putting all eyes on Musk and frequently accusing the billionaire of manipulating the market through his tweets.
Related: Tesla has reportedly been using bots to manipulate stock prices since 2013
A report by Los Angeles Times This week has seen thousands of Twitter bots built over the past decade that have praised and positively framed Tesla, which is directly related to the rise in Tesla share prices at the time.
Kasturi has also been criticized for influencing the valuation of certain cryptocurrencies, particularly Bitcoin and Dozcoin, based on his comments on the two currencies on social media platforms.
As of Thursday morning, Musk’s estimated total assets were $ 273.6 billion.