Twitter Could Have A New Owner Soon

Cadrene Heslop

The wealthiest person in the world is a 50-year-old business mogul. He has a total net worth of $259 billion. And through recent share purchases, he owns a 9.2% stake in Twitter Inc. This ownership also makes him the company's biggest shareholder. Now, the CEO and founder of Telsa, Elon Musk, has offered to buy the social media company Twitter.

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In recent weeks, Musk has bought Twitter shares in batches almost daily from January 31. These actions prompted Twitter to offer Musk a seat on its board. But the move came with the conditionality that Musk does not own more than 14.9% of the company’s outstanding stock. (source)

But Musk exited the deal and launched a series of now-deleted tweets about how to better the company. Now, he has switched gears and is attempting to take over the company. He provided Twitter Inc. with a letter proposing to buy the remaining shares. (source)

In his proposal, Musk made one final offer. He offered to pay $54.20 for each share of Twitter's stock. This single price works out to a total of $41.3 billion. Twitter's stock currently trades in the $45-46 range. So, his offer is slightly higher than Twitter's current market cap value of $36.7 billion. (source)

Musk's proposal said:

"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."

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*Disclaimer: This article is for general knowledge and informational purposes only.*

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