Elon Musk has promised to buy Twitter, saying he is the right person to “unlock” the “amazing power” of the social media platform.
In a surprising announcement. Mr Musk said he would pay $ 54.20 a share on Twitter, which cost about $ 40bn.
It was recently revealed that Mr Musk had large shares in Twitter after having a large share in the company.
He said if his application was not approved: “I will have to reconsider my position as shareholder”.
Mr Musk also said that if the board of directors on Twitter chose to reject the proposal. “It would be absolutely impossible to exclude this proposal from the shareholders’ vote”.
Twitter shares increased by 5.3% to $ 48.32
“They are the owners of the company, not the board of directors,” he wrote. tweet.
The price of Twitter shares increased by 5.3% to $ 48.32 in initial trading. Before returning more than $ 46.20 later.
The file submission with the US Treasury Administrator appeared. To show text and / or voice messages from Mr Musk to the Twitter board. Indicating that he had raised the idea over the weekend that business should be independent.
Mr Musk was invited to join the board, but Twitter announced on Sunday that it had decided not to comply.
In messages published in the file, Mr Musk said he was “not playing a game back” and said about his offer. “It’s a high price and your shareholders will love it.”
He said he would have to sell his shares if the agreement did not work out.
“This is not a threat, it is not just a good investment without. The changes that need to be made,” he added.
Victoria Scholar, head of investment at Interactive Investor, said. “This is a cruel act from Elon Musk. Who has threatened to ‘process’ his 9.2% stake in the company if his 100% bid is rejected.
US Securities and Exchange Commission
In an interview with the US Securities and Exchange Commission. Mr Musk said he had invested in Twitter because “I believe in its ability to be a forum for free speech around the world. And I believe free speech is essential to society for effective democracy. .
“However, since I made my investment. Now I can see that the company will not succeed or use this public service the way it is now. Twitter needs to be transformed as an independent company.”
He added: “Twitter has incredible power. I will open it.”
Twitter said its board would “carefully review the proposal to find because a course it believes is in the best interest of the company and all Twitter shareholders”.
Mr Musk is the richest man in the world, according to Forbes magazine. With an estimated net worth of $ 273.6bn mainly due to his share in the electric car company Tesla. He also leads the aerospace company SpaceX.
In an extensive interview with TED head Chris Anderson. Elon Musk not only set out his Twitter view but also revealed. That he has a B plan if the Twitter board rejects his request.
He did not go into details about what it was, he just said “sometimes”.
A much-anticipated discussion between TED audiences who meet in Vancouver every spring to hear more talks about technology, entertainment and design.
The code needs to go to a site like GitHub so that other programmers can see it and make suggestions instead of building a Linux application, he said.