• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
ABOUT
Advertise in GAT
Contact us
Monday, March 27, 2023
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
  • Login
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
Home Business

Tesla CEO Elon Musk offers to buy Twitter for $43 billion

Musk proposed buying the remaining shares of Twitter that he doesn’t already own at $54.20 per share, an offer worth more than $43 billion.

Georgia Asian Times by Georgia Asian Times
April 14, 2022
in Business
Tesla CEO Elon Musk offers to buy Twitter for $43 billion
Share on FacebookShare on Twitter

Tesla CEO Elon Musk is offering to buy Twitter, saying the social media platform he has criticized for not living up to free speech principles needs to be transformed as a private company.

Twitter Inc. said in a regulatory filing on Thursday that Musk, currently the company’s biggest shareholder, has proposed buying the remaining shares of Twitter that he doesn’t already own at $54.20 per share, an offer worth more than $43 billion.

Musk called that price his best and final offer, although he provided no details on financing. The offer is non-binding and subject to financing and other conditions.

“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 the filing. “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.”

AD: High Museum of Atlanta

Twitter said it has received Musk’s offer and will decide whether it is in the best interests of shareholders to accept or continue to operate as a publicly traded company.

Analyst Daniel Ives of Wedbush said in a client note that he believes “this soap opera will end with Musk owning Twitter after this aggressive hostile takeover of the company.” He thinks it would be hard for any other bidders or consortium to come forward and said Twitter’s board will likely be forced to accept Musk’s offer or start a process to sell the company.

Musk revealed in regulatory filings over recent weeks that he’d been buying shares in almost daily batches starting Jan. 31, ending up with a stake of about 9%. Only Vanguard Group’s suite of mutual funds and ETFs controls more Twitter shares.

The billionaire has been a vocal critic of Twitter in recent weeks, mostly over his belief that it falls short on free speech principles. The social media platform has angered followers of Donald Trump and other far-right political figures who’ve had their accounts suspended for violating its content standards on violence, hate or harmful misinformation. Musk, who has described himself as a “free speech absolutist,” also has a history of his own tweets causing legal problems.

After Musk announced his stake, Twitter quickly offered him a seat on its board on the condition that he not own more than 14.9% of the company’s outstanding stock, according to a filing. But the company said five days later that he’d declined.

He didn’t explain why, but the decision coincided with a barrage of now-deleted tweets from Musk proposing major changes to the company, such as dropping ads — its chief source of revenue — and transforming its San Francisco headquarters into a homeless shelter. Musk left a few clues on Twitter about his thinking, such as by “liking” a tweet that summarized the events as Musk going from “largest shareholder for Free Speech” to being “told to play nice and not speak freely.”

Musk’s 81 million Twitter followers make him one of the most popular figures on the platform, rivaling pop stars like Ariana Grande and Lady Gaga. But his prolific tweeting has sometimes gotten him into trouble with the SEC and others.

Musk and Tesla in 2018 agreed to pay $40 million in civil fines and for Musk to have his tweets approved by a corporate lawyer after he tweeted about having the money to take Tesla private at $420 per share. That didn’t happen, but the tweet caused Tesla’s stock price to jump. Musk’s latest trouble with the SEC could be his delay in notifying regulators of his growing stake in Twitter.

Shares of Twitter jumped 11% before the market open. The stock is still down from its 52-week high of about $73. Shares of Tesla, the electric vehicle manufacturer that Musk heads, slipped about 0.9%. – AP

Tags: Elon Musktwitter
Previous Post

Delta loses $940 million in Q1, but bookings, revenue, surge

Next Post

From Ghost town to Gold Rush

Georgia Asian Times

Georgia Asian Times

Related Posts

Powell: Fed to keep rates higher for longer to cut inflation
Business

Fed raises key rate by quarter-point despite bank turmoil

March 22, 2023
Google hopes ‘Bard’ will outsmart ChatGPT, Microsoft in AI
Business

Google’s artificially intelligent ‘Bard’ set for next stage

March 22, 2023
Business

Amazon cuts 9,000 more jobs, bringing 2023 total to 27,000

March 20, 2023
Biden insists banking system is safe after 2 bank collapses
Business

Silicon Valley Bank’s demise disrupts the disruptors in tech

March 15, 2023
Honda changing course, will build its own electric vehicles
Business

Honda recalling 500,000 vehicles to fix seat belt problem

March 15, 2023
Biden insists banking system is safe after 2 bank collapses
Business

Biden insists banking system is safe after 2 bank collapses

March 13, 2023
Next Post
From Ghost town to Gold Rush

From Ghost town to Gold Rush

Signup Free E-Newsletter

Upcoming Events

Apr 7
8:00 am - 3:30 pm

Symposium on Asia-USA Partnership Opportunities (SAUPO) 2023

May 6
9:00 am - 4:00 pm

GAT AAPI Summit 2023

Jul 14
6:00 pm - 10:30 pm

GAT 25 Most Influential Asian Americans in Georgia 2023

View Calendar
Logo

 

CONTACT US

Follow Us

MOST INFLUENTIAL

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

July 18, 2022

Video highlights of GAT 25 Most Influential Asian Americans in Georgia

July 17, 2022

2022 GAT 25 Most Influential Asian Americans in Georgia-Awards Gala

July 17, 2022

LINKS OF INTEREST

ATL Asian Film Festival

     

  • Contact Us
  • Advertise in GAT
  • About
  • Privacy Policy
  • Terms of Use

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Subscribe

Stop scrolling through endless social media feeds for news. Sign up for our website FREE Newsletter and get news that matters to you. We filter out fluff, so you don’t have to.

    Loading
    Loading
    Loading
    Loading
    Loading
    Register for FREE to read the rest of this article, or log in to your account.

      Or Login Here :

      Login

      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?