By Joshua Manning • 21 April 2022 • 18:50
Elon Musk announces he has $46.5bn lined up ready to buy Twitter
The news follows Musk’s announcement last week when he announced he had launched negotiations to buy Twitter, saying the company had “extraordinary potential” which he would unlock. His offer said that he would pay $54.20 per share, or about $43bn for the social media company, but he was not sure how he would go about collecting the financing.
The CEO of Tesla stated on Thursday 21, April in documents filed with United States securities regulators that he’s exploring what is called a tender offer as a way of purchasing the whole common stock of Twitter for $54.20 per share in cash. Under a tender offer, Elon Musk, who is the owner of 9% of Twitter’s shares, would bypass the board and directly offer shares to potential future shareholders.
However, this decision has not yet been made as, the Securities and Exchange Commission have stated that Twitter has not yet replied to Elon Musk’s proposal. Twitter did state that they received the latest proposal from Musk and its “new information on potential financing.”
The company stated that its board is “committed to conducting a careful, comprehensive and deliberate review to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders.”
In his first letter to Twitter Chairman Bret Taylor, speaking of the purchase he would make unless certain requirements were met, Musk stated: “I would need to reconsider my position as shareholder. Since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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