Elon Musk offers to buy Twitter, says the company “needs to change” – NBC New York

Elon Musk offers to acquire Twitter, just days after Tesla CEO said he would no longer join the social media company’s board of directors.

Twitter Ltd. said in a regulatory submission on Thursday that Musk, which currently holds just over 9% of its shares and is the largest shareholder in the company, provided a letter to the company on Wednesday containing an offer to buy Twitter’s remaining shares. It no longer owns $ 54.20. Per share from Twitter stock.

He called this price his good and final offer, even though the billionaire did not provide details on funding.

“I invested in Twitter because I believe in its potential to be the platform for freedom of expression around the world, and I believe that freedom of expression is a social imperative for a functioning democracy,” Musk says in the case. “However, since I made my investment now I understand that the company will not prosper and will not serve this social imperative in its current form. Twitter should be transformed as a private company.”

The takeover bid from Musk is just the latest development in his relationship with Twitter. The billionaire has revealed in regulatory submissions in recent weeks that he has bought shares in almost daily tranches starting January 31st. Only Vanguard Group’s mutual fund package and ETFs control more Twitter shares.

Musk has been a vocal critic of Twitter in recent weeks, largely because of his belief that it falls short of the principles of freedom of expression. The social media platform has angered followers of Donald Trump and other far-right political figures whose accounts have been suspended for violating its content standards on violence, hatred or harmful misinformation. Musk also has a history of his own tweets that cause legal issues.

Musk said last week that he had informed Twitter that he would not be joining its board of directors five days after being invited. He did not explain why, but the decision was in line with a slew of tweets now being erased from Musk that suggested major changes in the company, such as stopping commercials – its main source of income – and turning its San Francisco headquarters into a homeless shelter. Musk left some clues on Twitter about his thinking, such as by “Like” a tweet summarizing the events as Musk moves from “the biggest shareholder to freedom of expression” to “telling him to play nice and not speak freely.”

Regulatory submissions on Monday reveal that Elon Musk, an open critic of Twitter’s moderation policy, has acquired a 9% stake in the company.

After Musk announced its stake, Twitter quickly gave Musk a seat on its board of directors on the condition that it would not hold more than 14.9% of the company’s outstanding shares, according to a submission. But Musk withdrew from the deal.

Musk’s 81 million followers on Twitter make him one of the most popular characters on the platform, competing with pop stars like Ariana Grande and Lady Gaga. But his prolific tweet sometimes caused him trouble with the SEC and others.

Musk and Tesla in 2018 agreed to pay $ 40 million in civil fines and that Musk would approve his tweets by a corporate lawyer after tweeting that he had money to take Tesla private at $ 420 a share. That did not happen but the tweet caused Tesla’s share price to skyrocket. Musk’s latest problem with the SEC may be his delay in announcing to regulators his increased holding on Twitter.

Musk described himself as an “absoluteist of freedom of expression” and said he did not think Twitter met the principles of freedom of expression – an opinion shared by Donald Trump’s supporters and a number of other right-wing political figures. Their accounts have been suspended for violating Twitter’s content rules.

Shares of Twitter soared 11% before the market opened. The stock is still down from a 52-week high of about $ 73.

Leave a Comment