Elon Musk makes $41 billion offer to buy Twitter

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midian182

Posts: 7,882   +81
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What just happened? In what should come as no surprise to anyone, Elon Musk has offered to buy Twitter. The world's richest person said he would pay $54.20 per share for the company, valuing it at around $41 billion at the time of the offer, adding that if his offer were not accepted, "I would need to reconsider my position as a shareholder."

A US Securities and Exchange Commission (SEC) filing shows Musk made his offer in a letter to Twitter board chairman Bret Taylor. He wrote that since becoming Twitter's largest shareholder, Musk has realized "the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."

Musk added that the reason behind his initial investment was a belief in Twitter's "potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy." One of the several polls Musk recently tweeted to his 80 million+ followers asked if they believed Twitter adhered to the principles of free speech.

Twitter's board of directors responded to the offer with: "The Twitter Board of Directors will 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." Company shares jumped 13% in pre-market trading on the back of the news.

Following the revelation that Musk had quietly purchased 9.2% of Twitter, company CEO Parag Agrawal announced that the Tesla boss would be joining the board of directors, which would have limited the number of shares he could own to 14.9%, preventing him from launching a takeover bid. He turned the position down at the last minute and, as predicted, is now going after all of Twitter.

"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," Musk said in the filing.

Musk is also facing a class-action lawsuit from another shareholder for failing to disclose his stake in the company within the required ten days, thereby affecting its share prices.

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viperfl

Posts: 59   +66
Kind of knew when he turned the offer to join the board that he had something like this up his sleeve. Taking the company private will give Elon Musk total control over the company.

You watch the people who advocate for censorship are now going to push for heavy government regulation on social media if Elon Musk is approved to buy Twitter.

Free speech - 1, censorship - 0
 

dangh

Posts: 572   +902
Kind of knew when he turned the offer to join the board that he had something like this up his sleeve. Taking the company private will give Elon Musk total control over the company.

You watch the people who advocate for censorship are now going to push for heavy government regulation on social media if Elon Musk is approved to buy Twitter.

Free speech - 1, censorship - 0
Out of curiosity, using e.g. "N" word on censorship - free Twitter would be allowed or not?
Organizing some group to kill someone / burn a building is freedom of speech or something which should be moderated / censored?
 

wiyosaya

Posts: 7,693   +6,621
Funny how no one yet posting seems to see how this would set up Musky to be the Sith Lord as he would then have a platform where everyone would follow him, and he could manipulate any market he wants. I don't get how the right cheers him on (you really think he will reinstate Trumpy?? :rolleyes: the two hate each other - there's no way Musky will reinstate Trumpy), but I do get how the left wants to prevent his outright manipulations of the market.

Ah, but what they heck - as I see it, we have come to a point where
so it does not surprise me that so many worship Musky as if he has been sent from God as an angel of deliverance.
 

wiyosaya

Posts: 7,693   +6,621
Organizing some group to kill someone / burn a building is freedom of speech or something which should be moderated / censored?
SCOTUS has already weighed in on this - had you decided to research it instead of posing the possibility of anarchy as a form of rule.

EDIT: Just in case you are not sure - what you are asking is tantamount to inciting violence, and SCOTUS has already decided it is NOT part of free speech.
 

julesigles

Posts: 22   +27
Funny how no one yet posting seems to see how this would set up Musky to be the Sith Lord as he would then have a platform where everyone would follow him, and he could manipulate any market he wants. I don't get how the right cheers him on (you really think he will reinstate Trumpy?? :rolleyes: the two hate each other - there's no way Musky will reinstate Trumpy), but I do get how the left wants to prevent his outright manipulations of the market.

Ah, but what they heck - as I see it, we have come to a point where

so it does not surprise me that so many worship Musky as if he has been sent from God as an angel of deliverance.
Which "god" could you possibly be referring to?
 

dangh

Posts: 572   +902
SCOTUS has already weighed in on this - had you decided to research it instead of posing the possibility of anarchy as a form of rule.

EDIT: Just in case you are not sure - what you are asking is tantamount to inciting violence, and SCOTUS has already decided it is NOT part of free speech.
I do not even know what scotus is, I do not live in US and just wonder how the US political correctness and all this emotional baggage will affect rest of the world which uses social media. If there still be check for the violence and fact correctness to reduce amount of BS people of power often write, then I don't care.
Way too often people attacking verbally other claims it is a free speech statement. Obviously, they are using 'free speech' flag to cover whatever they wants, but good to see it is not mean 'I'm free to do anything without consequences'.
 
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