Tesla CEO Elon Musk is offering to buy Twitter, saying the social media platform he has criticized for not living up to free speech principles needs to be transformed as a private company.
Published Thursday, April 14, 2022 10:16AM EDTis offering to buy Twitter, saying the social media platform he has criticized for not living up to free speech principles needs to be transformed as a private company., currently the company's biggest shareholder, has proposed buying the remaining shares of Twitter that he doesn't already own at $54.20 per share, an offer worth more than $43 billion.called that price his best and final offer, although he provided no details on financing.
owning Twitter after this aggressive hostile takeover of the company.” He thinks it would be hard for any other bidders or consortium to come forward and said Twitter's board will likely be forced to acceptrevealed in regulatory filings over recent weeks that he'd been buying shares in almost daily batches starting Jan. 31, ending up with a stake of about 9%. Only Vanguard Group's suite of mutual funds and ETFs controls more Twitter shares.
Twitter hasn't done as well as its social media rivals and lost money last year. The company reported a net loss of $221 million for 2021 largely tied to the settlement of a lawsuit by shareholders who said the company misled investors about how much its user base was growing and how much users interacted with its platform. Its co-founder Jack Dorsey resigned as CEO in late November and was replaced by new CEO Parag Agrawal.
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