It was recently announced that Musk had purchased 9 percent of the company, making him the largest shareholder of Twitter had become.
Musk is offering $54.20 (almost 50 euros) per share. That would be 54 percent more than the shares were worth on Jan. 28, the last day before the tech billionaire started investing in Twitter.
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Musk wants to take company off the stock exchange
“After my investment, I realize that this company will not prosper, nor fulfill its social role in its current form. Twitter must therefore turn into a privately held company,” Musk wrote in a statement.
“I invested in Twitter because I believe in its potential to be the global platform for free speech. And I believe that freedom of speech is a societal necessity for a functioning democracy,” Musk continued.
Anger and unrest
Last week led the possible entry of Musk until the board of directors of Twitter until anger and unrest at the staff. Musk finally decided to see off of the seat on the board of directors.
Musk is now too sued by an angry shareholder of Twitter. The Tesla CEO did not announce until late that he had an interest in Twitter, which, according to the indictment, has kept the stock price artificially low. Musk bought the shares on March 14, but did not announce it until April 4.
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Criticism of Twitter policy
Musk has criticized Twitter’s policies in recent weeks in tweets. The Billionaire finds among other things, that Twitter’s moderation policy is too strict and that it would restrict freedom of expression too much.
He also wondered aloudor Twitter dying‘ is because the top ten most popular users on the platform send very few tweets.
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Getting enough shares in your hands
Twitter To actually be able to move the market, Elon Musk is sufficient shares to gain control and thus enough to entice shareholders to sell their pieces. The absolute minimum he needs is half the shares. He can only set policy and initiate a path towards the exhibition business. But that is long and complicated.
If Musk gets at least 90 percent of the shares, he can take the company off the stock exchange via a much faster procedure.
Traders do not yet believe that Musk’s offer is very serious. Shares of Twitter jumped about 5 percent when it opened on Wall Street. This increased the company’s stock market value by almost 2 billion dollars, but remained about 13 percent below the price that Musk offers.
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