Twitter reacts to Elon Musk’s hostile bid to take over company

Twitter has said its board will evaluate an “unsolicited, non-binding” offer from Tesla chief Elon Musk to acquire the social media company.

Twitter made this known in a statement on Thursday.

“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,” Twitter said.

The company also confirmed it received Musk’s bid valuing the company at $43.4 billion.
Elon Musk launches hostile takeover bid for Twitter

Tesla chief Elon Musk had launched a hostile takeover bid for Twitter, insisting it was a “best and final offer” and that he was the only person capable of unlocking the full potential of the platform.

Musk offered $54.20 a share, which values the social media firm at $43.4 billion, in a filing dated Wednesday April 13 with the Securities and Exchange Commission.

Musk’s latest move toward Twitter comes just days after he turned down a seat on the board following his acquisition of a 9.2 percent stake in the microblogging platform.

“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,” Musk said in his filing.

“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he said.

“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.”

AFP