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Elon Musk has threatened to withdraw his shareholder role in Twitter if the board doesn’t accept his offer to acquire 100% of the microblogging site, as he plans to take it private.
Musk had bought 9.2% of Twitter stake to end up the largest shareholder in the corporation in March, however the acquisition was made public in April, opening the door for the billionaire to be part of the board.
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He had been given a situation that would make him unable to want to acquire the firm totally if he joins the board, leading to the Tesla chairman rejecting the board membership – this decision has now birthed different events.
On Thursday, Musk’s letter to the U.S securities was circulated, which states that he is interested in taking Twitter private by offering to purchase the public firm’s stock for $54.20 per share, 18.2% above the current market value of $45.85.
The billionaire advised Twitter chairman, Bret Taylor, in the letter, that he invested in Twitter because of its necessary function in democracy, and he’s keen to unlock the potential of the social media platform.
“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.” the letter reads.
Dangling his stake before the chairman, Musk threatened that he would reconsider his investment in the company if his buoyant offer is rejected, “My offer is pleasant and final offer and if it is now not accepted, I would want to reconsider my position as a shareholder
