By: Economic & Finance Report
Elon Musk decides not to be on the board of directors for Twitter (TWTR) but offers by wanting to buy the social media behemoth; for a reported $43 billion dollars, or $54.20 a share. He already owns 9.2% of Twitter (TWTR).
Elon Musk was offered a board seat, once he bought over 9.2% of the social media giant. He turned the seat down and had other plans, which was supposedly revealed today Thursday, April 14, 2022; that is of course the purchase of Twitter (TWTR) and taking it private. Mr. Musk has indicated that the company has great potential and that he is the perfect person to “unlock” that potential (Twitter’s potential).
The Twitter (TWTR) board are taking Musk’s offer quite seriously because there has not been another company to step in and counter-offer Elon’s Musk’s initial offer. He wants to purchase Twitter (TWTR) at a premium price of ($54.20) a share. It is speculated that the board will entertain and seriously consider the offer, since it is priced over what the company is truly worth today.
Mr. Musk has indicated that the company has been faltering in its duty of free speech and freedom of expression; and what’s to guide the company into being a communication mouthpiece for individual views and rights has decapitated in the past. He wants to change that perception and persona of Twitter (TWTR) it seems. He has also indicated that if he cannot outright purchase the social media company than he will sell his shares, which could trigger selling from shareholders and drop the stock price of Twitter (TWTR).
There is contemplation that the board will determine the best motives currently, which is to sell the company to Musk, but they are weighing their options carefully. To ensure what is best for its shareholders, board members, employees and management team. -SB
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