Tesla boss Elon Musk, who recently acquired a 9.2% stake in Twitter, offered on Wednesday (April 13) to buy out the entire company at $54.20 per share and exit the company. of Wall Street.
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In a document sent to the gendarme of the American Stock Exchange, the boss of Tesla specifies that it is a question of “its best offer and its final offer” and threatens, in case of refusal, to “re-examine its position as a shareholder” within the social network. Following the announcement, Twitter’s stock jumped 11.34% to $51.05 in electronic trading prior to the opening of Wall Street.
“The company does not serve its societal imperative”
Speaking in a letter to Twitter Chairman Bret Taylor, Elon Musk says he invested in the platform because of the major role it plays in favor “freedom of expression across the planet” which is, according to him, “a societal imperative of a functional democracy”.
“However, since making my investment, I have realized that the business will not thrive and serve its societal imperative in its current form”he believes, proposing to withdraw Twitter from the New York rating.
“I am offering to buy 100% of Twitter for $54.20 per share in cash, a premium of 54% from the day before my investment in Twitter began and 38% from the day before the public announcement of my investment”details the billionaire.
A first failure
The figures put forward by the whimsical businessman would value Twitter at 43.4 billion dollars, against around 37 billion at present. According to Forbes, his personal fortune amounts to nearly $274 billion, making him the richest man in the world. Elon Musk is particularly active on Twitter, where he has some 81.6 million followers.
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In recent weeks, he has been critical of the social network, suggesting the addition of several features, such as a button “edit”and questioning its subscribers about respect for freedom of expression.
The whimsical boss of Tesla and SpaceX was originally supposed to join Twitter’s board of directors, but the social network’s chief executive Parag Agrawal announced on Monday that the South African-born businessman had finally given up on it. sit.