World Richest & Billionaire Elon Musk Launches Twitter Takeover Bid for $43 Billion, Lawsuit by Twitter Shareholder for Late Disclosure
15th April 2022 | Hong Kong
The world’s richest man & billionaire with more than $200 billion fortune Elon Musk has launched a takeover bid for Twitter Inc with an offer of $43 billion, 38% higher price ($54.20) to Twitter close on 1st April 2022. Elon Musk wants Twitter to be more open and transparent, citing “free speech.” Saudi Arabia’s Prince Alwaleed bin Talal with 5.2% shareholding through Kingdom Holding Company tweeted:”I don’t believe that the proposed offer by Elon Musk comes close to the intrinsic value of Twitter given its growth prospects.” Elon Musk recently disclosed that he owns 9.2% of Twitter Inc, and had been sued by shareholders in a class action filed in the Southern District of New York Manhattan federal court (12th April 2022) for late disclosure on his shareholdings, which caused shareholders to missed the stock price increase.
“ World Richest & Billionaire Elon Musk Launches Twitter Takeover Bid for $43 Billion, Lawsuit by Twitter Shareholders for Late Disclosure “
Elon Musk Securities Filing:
I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.
As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.
Elon Musk
Billionaire Elon Musk Acquires 9.2% Stake In Twitter for $2.9 Billion, Offered Board Seat
Earlier in April 2022, Billionaire Elon Musk had acquired 9.2% stake in Twitter Inc for $2.9 billion, and was offered a seat on the board of directors. Twitter is an American social & messaging networking service. It was founded by Jack Dorsey, Noah Glass, Biz Stone and Evan Williams in 2006. Twitter Inc is listed on New York Stock Exchange and has a market capitalisation of $37 billion (8/4/22).
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