“I think it’s going to be quite painful and I’m not sure I can buy it,” admitted Elon Musk.

Posted on 04-15-2022 by Esther Buitekant

‘Twitter has a potential standard. I’ll do it.’

Elon Musk is blowing hot and cold. Having become the largest shareholder of Twitter in early April by acquiring 9.2% of the social network, the CEO of Tesla and SpaceX announced a few days later that he was renouncing to sit on the group’s board of directors. And here he is now announcing his intention to buy back the entirety of Twitter personally for the trifle of 43 billion dollars in cash, in order to take the company out of the stock market. This takeover bid (OPA), Elon Musk obviously shared it on his Twitter account, where he is followed by more than 80 million people. Twitter ‘will not prosper or fulfill its societal mission [de libert d’expression] in its current form,” he explained in a letter addressed to the board of directors. Always confident, he also said: ‘Twitter has enormous potential. I’ll do it.’

Twitter will consider the offer ‘carefully’

Elon Musk is offering to buy back Twitter shares at $54.20 apiece, a 54% bonus over Jan. 28 when he started buying shares. ‘This is my best offer and my last offer. (…) My price is high, and your shareholders will love it.’, he wrote to the chairman of the board of directors. ‘If it is refused, I should reconsider my position as a shareholder.’, he added, specifying that the necessary changes cannot take place if the company remains listed. “Twitter’s Board of Directors will carefully review the offer to determine a course of action that it believes will best serve the interests of the company and all Twitter shareholders,” the group said.