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Elon Musk Twitter - latest: Twitter boss says company still evaluating Tesla chief’s $43bn bid for platform

Tesla CEO Elon Musk Offers To Buy Twitter For $43B

Elon Musk has made a shock offer to buy the entirety of Twitter.

The billionaire said that he did not have confidence in the company’s management and that it needed to undergo changes that could not happen without it being purchased.

He offered over $40 billion for the company, and said that he might sell his existing shareholding if the offer is not accepted.

Mr Musk announced recently that he had bought just under 10 per cent of the company, making him its biggest shareholders. He was offered and initially accepted a seat on its board – before announcing that he would not join after all, prompting speculation over his plans.

Now he has said that he wants to buy the company to protect “free speech” and unlock what he said is the “extraordinary potential” of the social network.

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Elon Musk posts Twitter poll on his $43bn bid for company

ICYMI: “Taking Twitter private at $54.20 should be up to shareholders, not the board,” Mr Musk posted along with a “yes” or “No” voting option.

After less than an hour the poll had received almost 650,000 votes, with more than 83 per cent of votes aying the offer should put to shareholders.

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Can Elon Musk afford to buy Twitter?

ICYMI: The Tesla CEO is the world’s richest man, with a personal fortune of around $259bn on Thursday, according to Bloomberg.

He already owns 9.2 per cent of Twitter, therefore it would cost him around an additional $40bn to take full control of the social media platform.

The problem is that Mr Musk has been very open about the fact that he keeps a low reserve of cash on hand. He sold a slice of his Tesla stock last year, but after taxes that would have netted him around $14bn in cash.

He owns almost 200m stocks in the electric vehicle maker, worth around another $200bn, but still needs to find $25bn in cash to buy Twitter, if the board agrees to sell it to him.

If they do not, then Mr Musk can attempt a hostile takeover of the company, in which he makes direct offers to shareholders for their stakes in the company, or tries to gain proxy control of enough shares to replace the board.

In his Thursday SEC filing, it was stated that the “source of funds” for his takeover bid was “other.”

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Elon Musk says he has a Plan B if Twitter bid rejected

ICYMI: The Tesla CEO was asked if he had another lineof attack if his $43bn offer for the social media platform was rejected.

“There is,” he told a TED Talk in Vancouver, Canada, on Thursday, when asked for more details.

“For another time I think,” he added.

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What could Twitter look like under Elon Musk?

ICYMI: Elon Musk’s history on Twitter could bring extra scrutiny of the social media site just as stricter rules around online content are coming into force, experts have said.

The billionaire Tesla and SpaceX boss has proposed buying “100% of Twitter for $54.20 per share in cash”, valuing the company at 41.39 billion dollars (£31.58 billion).

More below.

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Elon Musk says Twitter takeover would help ‘civilisation’ and calls for end to ‘mysterious demotion’ of tweets

ICYMI: Elon Musk has called for more transparency in Twitter’s algorithm after presenting a $40bn offer to buy the company.

Mr Musk explained changes he’d like to see the platform in a TED Talk on Thursday afternoon, saying he believes improving public trust in the platform is “extremely important to the future of civilisation”.

Megan Sheets has the story.

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Republican lawmakers support Musk’s Twitter takeover

ICYMI: “Elon Musk’s) fight for free speech is patriotic and necessary. He deserves the Medal of Freedom,” Rep. Lauren Boebert of Colorado tweeted.

While, Rep. Jim Jordan of Ohio tweeted, “Elon Musk. Free speech.”

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Saudi Prince Al Waleed bin Talal Al Saud explains rejecting Elon Musk’s offer

ICYMI: “I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of (Twitter) given its growth prospects. Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.”

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Musk acknowledges offer

ICYMI: Elon Musk has acknowledged his offer – though said little more:

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Elon Musk: Tesla chief uses marijuana code in stunning bid for Twitter

Elon Musk’s ensational $43bn bid to buy Twitter had a very familiar and coded theme to it.

The Tesla boss offered the social media platform’s board a very specific price of $54.20 per share in cash to take total ownership of the company as he insisted he was the right leader to “unlock” its “extraordinary potential.”

It is not the first time that the entrepreneur has used those exact numbers as a secret code in his business dealings.

More below:

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Twitter boss says company still evaluating Musk’s $43bn bid for platform

Twitter CEO Parag Agrawal told staff at an all-hands meeting on Thursday that the company was still looking at Elon Musk’s $43bn bid for the platform, a person in attendance told The Verge.

Mr Agrawal conducted a 30minute Q&A with employees in the wake of the Tesla chief’s attempt to purchase Twitter.

He did not tell the employees when the board would be ready to answer Mr Musk’s $54.20 per share cash offer for the company, but said Twitter would go through a “rigorous process” and make any decision “in the best interest of our shareholders”, according to the outlet.

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