Twitter Responds To Elon Musk’s Offer To Buy The Entire Company
| Last updated
Featured Image Credit: Alamy
After Elon Musk made a surprise bid to buy the whole of Twitter, the social media giant has now responded.
Twitter has now officially responded to the offer – and they're not ruling anything out.
Our press release this morning:https://t.co/XoC4UXrZ6P— Twitter Investor Relations (@TwitterIR) April 14, 2022
In a statement shared Thursday, 14 April, the company said: "Twitter, Inc today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash.
"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," they continued.
The response came after Musk made his offer, which he announced on, well, Twitter.
Musk told his followers: "I made an offer," and proceeded to link to a common stock filing.
The filing from Musk states: "I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced."
If Musk's considerable offer is accepted, the Tesla CEO said he: "Will endeavor to keep as many shareholders in privatized Twitter as allowed by law."
He also responded to Twitter's recent sentiments about wanting to act in the best interest of stakeholders.
"If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty. The liability they would thereby assume would be titanic in scale," Musk said in, you guessed it, another tweet.
Prolific tweeting aside, Musk explained in a TED Talk why he wanted to buy the company, and his motivation seems pretty admirable.
In an interview with TED head Chris Anderson, Musk outlined why he wanted the company and what he'd do to improve it.
"I think it's very important that there will be an inclusive arena for free speech."
"Twitter has become kind of the de facto town square. It's really important that people have the reality and the perception that they're able to speak freely, within the bounds of the law," he added.
Musk then proceeded to suggest that to improve, Twitter should 'open source the algorithm' making any changes to people's tweets apparent.
Only time will tell if Musk is able to implement these new ideas, though it has been reported that not everyone at Twitter is open to the offer.
If you have a story you want to tell, send it to UNILAD via [email protected]