The world’s wealthiest person is trying to become even wealthier.
Elon Musk has made a controversial offer to buy Twitter Inc., saying the company has extraordinary potential and he is the person to unlock it.
Musk wrote a letter to Twitter Chairman Bret Taylor stating, “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. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. 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 and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.”
If Elon Musk does get Twitter, no one knows what that will mean for Twitter. Musk says Twitter should be a private company and a lot of people were scared.
According to Investopedia.com “A private company is a firm held under private ownership. Private companies may issue stock and have shareholders, but their shares do not trade on public exchanges and are not issued through an initial public offering (IPO)”.
If Musk gets full ownership of Twitter, it might be the day that changes social media for the better or the worse, only time will tell. Stay tuned…