The offer is the latest development between tech Billionaire Elon Musk and Twitter. What has Twitter’s response been?
Elon Musk who currently owns the largest share of Twitter at 9.2%, proposed a $43 billion offer to buy twitter, This translate to paying $54.20 for each share of the influential social media company.
In a letter to Bret Taylor, chairman of Twitter’s board of directors, Musk wrote
“I now realize the company will neither thrive nor serve [its] societal imperative in its current form,” “Twitter has extraordinary potential. I will unlock it.”
The news of the offer which Musk called his “best and final,” was met with mixed reactions as some said Musk was engaging in a hostile takeover of the company.
Twitter CEO Parag Agrawal told Twitter’s employees that the company was still evaluating Musk’s offer and would make a decision “in the best interest of our shareholders,” The Verge reported.
Twitter said in a press release it’s received the offer and the board 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.”
Musk made it clear in his letter to Taylor that if Twitter rejects the offer, he would reconsider his position as a shareholder in the company.
Musk said in Thursday’s TED Talk he has a “plan B” if his offer is rejected but didn’t say what it is.
Speculations include musk lobbying for shareholders of twitter to begin demanding twitter board provide a reason for rejecting his offer and then forcing the sale if they are not satisfied with the boards decision, sighting it would not be beneficial to the stakeholders and could result in share prices falling sharply.
Another plan could mean Elon Musk creating an alternative to twitter to compete with the social media giant.