Home Technology Twitter will “carefully review” Elon Musk’s offer: he wants to buy the entire company for $ 43 billion

Twitter will “carefully review” Elon Musk’s offer: he wants to buy the entire company for $ 43 billion

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Twitter will “carefully review” Elon Musk’s offer: he wants to buy the entire company for $ 43 billion

Twitter is

Elon Musk has already bought most of the shares. Photo by AFP

Tesla founder, billionaire Elon Musk, has launched an offer to buy the social network Twitter for 43,000 million dollarsaccording to a letter sent to the company’s board of directors published by various media.

Twitter said on Thursday that it would “carefully review” Tesla Chairman Elon Musk’s offer to buy the entire company and remove it from Wall Street.

The social network indicated in a statement it received “Elon Musk’s unsolicited and invalid offer” and that its board of directors will “review it carefully to determine the course of action it believes will best serve the interests of the company and all Twitter shareholders.

According to the offer, published by both CNBC and Bloomberg, Musk, considered the richest man in the world, offered $ 54.20 per share of cash, representing a 54% premium to the closing price last Jan. 28 , the day before. you will start investing in Twitter.

Also, it assumes a premium of 38% with respect to the price of the shares one day before its investment in the social network is announced to the public.

With the initial opening of the Wall Street market, social network actions rose this Thursday by more than 12%.

“My offer is my best and last offer and if it is not accepted, I will have to reconsider my position as a shareholder,” he warned.

In the aforementioned letter, Musk assured that Twitter needs to be a “private company” because in his opinion, it cannot “thrive or serve” freedom of expression in its current state.

Musk said he believes in the company’s potential to be a platform for free speech around the world. “I think freedom of expression it is a social necessity for the functioning of democracy ”, he concluded.

Twitter said on Thursday that it would “carefully review” Tesla Chairman Elon Musk’s offer to buy the entire company and remove it from Wall Street.

The social network indicated in a statement that it had received an “unsolicited and non -binding offer from Elon Musk” and its board of directors would “carefully review it to determine the course of action it believes will best serve those interest of the company.and of all shareholders on Twitter.

Elon Musk is facing charges

Musk did not disclose the purchase of the shares at the time.  Photo by Reuters

Musk did not disclose the purchase of the shares at the time. Photo by Reuters

Buying shares means legal trouble for the billionaire tycoon. A lawsuit filed by another Twitter investor accuses the billionaire businessman of spending shareholders ’money, while Musk himself has saved around 143 million dollars.

Filed by Marc Bain Rasella in New York federal court on Tuesday, April 12, the lawsuit highlights Musk’s apparent failure to report his March 14 stock purchase to the Securities and Exchange Commission (SEC) within 10 days. prescribed by law when the share exceeds 5%.

In particular, the lawsuit alleges that Musk made “materially false and misleading statements and omissions by not telling investors that he had acquired a stake. 5% on Twitter if needed ”.

He said that would mean anyone selling the shares between March 24 (the date Musk must declare the purchase) and April 4 (the purchase date details) lost revenue while Twitter’s stock value rose at 27% when they learned of the purchase.

The suit also says the Tesla and SpaceX boss earned $ 143 million in the region in the same 11-day period when he bought more Twitter shares at a low price, a move that made him the company’s largest sole shareholder. with 9.2%.

Rasella’s lawsuit seeks class action status on behalf of Twitter investors who sold shares during the crucial 11-day period and as a result forfeited any income they would have earned. benefited if Musk disclosed his investment within the required time frame. The action calls for a jury trial for damages and penalties in unspecified amounts.

Musk, a former Twitter critic who also has more than 80 million followers on the platform, caused a stir with his surprise investment in the San Francisco -based company when it came to light last week.

Twitter responded by offering a seat on its board, but abruptly declined the offer on Friday, the same day the appointment should take effect.

Twitter just announced Musk’s change of heart on Monday after a weekend in which Musk released a bunch of deleted tweets suggesting various Twitter -related ideas, from more formal issues to criticism and paradox.

The SEC has not yet made any public comment on whether it plans to take action against Musk over his apparent failure to disclose his stock purchase. within the stipulated time.

Source: Clarin

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