Elon Musk Offers To Buy Twitter in Takeover Attempt

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Elon Musk Offers To Buy Twitter in Takeover Attempt

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Tesla CEO Elon Musk is making his “best and final” offer to buy 100 percent of Twitter in an updated 13D filed Thursday with the SEC. He’s offering $54.20 per share in cash.

Naturally, Musk had to sneak a “420” into the offer.

Musk’s wealth hovers around $260 billion, according to Bloomberg. Twitter’s market valuation is about $37 billion. Musk’s offer values Twitter at about $43 billion, according to CNBC.

Musk is offering to “acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.” The proposal was delivered in a letter to Twitter on April 13th. Musk says Twitter must go private to undergo changes that need to be made.

“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,” said Musk in a letter sent to Twitter chairman Bret Taylor. “Twitter has extraordinary potential. I will unlock it.”

“I would need to reconsider my position as shareholder,” says Musk if his offer is not accepted.

Twitter issued a press release confirming the offer, saying, “the Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”

The board reportedly met at 10AM ET to discuss the offer, although it is unclear whether a decision was reached. Following the board’s meeting, word leaked out that it is not interested in Musk’s offer, and may use a “poison pill” strategy to prevent Musk from attempting a hostile takeover as well. The company’s reportedly planning to address Musk’s offer at a 2PM PT / 5PM ET all-hands meeting as well.

At 10AM PT / 1PM ET, Musk gave a free, live TED Talk where he talked about his goals for Twitter as well, saying he isn’t in it for the money, expressing a belief that Twitter should “open source the algorithm,” and describing how he thinks Twitter’s long-awaited edit button should work. You can read our summary of the highlights here. He also claimed, without evidence, that the SEC lied about Musk not having the “funding secured” to take Tesla private back in 2018.

This morning, Twitter shares were up over 13 percent pre-market on the news of Musk’s offer, but closed down 0.77 percent. Tesla shares were initially down 1.5 percent on fears that Twitter’s number one fan — who already leads Tesla, SpaceX, The Boring Company, and Neuralink — might become distracted by his new pet, and closed down 3.66 percent for the day. Musk once told Twitter co-founder and ex-CEO Jack Dorsey that it’s a bad idea to run two companies simultaneously.

The will he / won’t he buy Twitter saga began in earnest when it became clear, just ten days ago, that the world’s richest man purchased a 9.2 percent stake in the company. Soon after Twitter announced that Musk would be appointed to its board, only for that to fall through just a few days ago, prompting Twitter CEO Parag Agrawal to tell staff, “there will be distractions ahead.”

A hostile takeover will certainly be distracting for everyone involved.

Below is the full text of the letter sent by Musk to Twitter, per the SEC filing:

Bret Taylor

Chairman of the Board,

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

Editor’s Note: 

TruthTweet, a Twitter alternative, is a platform that’s free from Globalists control, and not censored like big tech is and it will not support the Great Reset Agenda.

As mainstream media dies, Truth Group https://truth-group.com/ and its platforms rise. Alternate independent media and alternate social media is booming. Every billion in market cap they lose is for the Truth Group to gain.

An array of Truth Group new apps designed to replace the major social media networks under the one brand the “Truth” Brand created by the “Truth Group“. They include TruthTok (a Tiktok alternative), TruthTube (YouTube alternative), TruthLook.com (a censor-free search engine), TruthTweet (a Twitter alternative), TruthGram (Telegram alternative) TruthInsta (Instagram alternative),  TruthMeet (zoom like conferencing), TruthApps (whats app alternative) and TruthChat (a messenger alternative), all designed to be censor-free, and with many being designed, so that a post to one, can be sent automatically to many.

Some of the Apps are launched already, such as Truthbook.social the alternative to Facebook with tens of thousands of users already posted over 100,000 posts in its short time since soft launch, with many becoming available soon.

Truthcoin is the currency behind Truth Group new apps and it will be listed on selected crypto exchanges in late May 2022 to enable supporters to help fund this critical and much-needed alternate social media platform.

 Truth Coin is a large supporter of independent media and “Take back Our World” objectives and it launches its Pre ICO ahead of Early June listing.

Truthcoin’s Pre ICO Round 2 is now open at just $0.04 cents, a fraction of its set listing price of $0.20 cents USD on crypto exchanges in early June, 2022.

To qualify one must donate a minimum of $1000 USD, up to a maximum of $25,000 USD per person or entity. However, for $10,000 USD, or higher donation amounts, you qualify to receive Truthcoin, at just $0.02 cents. Round 3 will be at $0.08 cents.

Round 2 is now open and closes on 22nd April 2022

Smaller donors can donate $250 or $500 but only qualify to get the coin at $0.15 cents not $0.02 cents. For details on how to access this opportunity, click: https://www.truthcoin.social/truthcoins-ico

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

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