Tesla’s Elon Musk to Acquire Twitter, Offers $43 Billion

Tesla’s Elon Musk to Acquire Twitter, Offers $43 Billion

The CEO of Tesla is looking to make Twitter private, according to a recent filing published by the Securities and Exchange Commission (SEC).

Over the past several weeks, Musk managed to become the largest shareholder of Twitter and was offered a seat on the social media platform’s Board of Directors. However, on April 11th, he refused to be part of Twitter’s director board.

It seems that Twitter might not even have a Board of Directors as Elon Musk filed an SEC request to acquire the social media platform for $54.20 a share, amounting to a total price of $43B.

According to a message attached to the filing, Musk claimed that his initial investment in Twitter was him wanting to make a "platform for free speech around the globe", but being the largest shareholder is supposedly not enough.

Therefore, Tesla’s CEO hopes to acquire "100% of Twitter", making the final offer of $54.20 per share. If the deal doesn’t go through, Elon Musk might change his mind about being a shareholder of Twitter.

Likewise, in an official news release, Twitter announced that they have received Elon Musk’s proposal to acquire the remaining shares. The decision will be made after Twitter’s Board of Directors "carefully review the proposal to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders."

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree