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Elon Musk is Attempting a Hostile Takeover of Twitter

Elon Musk is Attempting a Hostile Takeover of Twitter

Elon Musk had a lot of big ideas and a lot of money. Last week, the businessman was set to join Twitter’s Board of Directors pending a background check. The billionaire decided to pull out of the deal.

BERLIN, GERMANY DECEMBER 01: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany. (Photo by Britta Pedersen-Pool/Getty Images)

Early on Thursday morning, it was revealed that the tycoon has offered a deal to take over the site entirely. It remains to be seen if his efforts will be successful.

Musk’s letter to Twitter Chairman of the Board Bret Taylor reads:

“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.”

It is unclear how Musk would make Twitter more of a beacon of free speech. As a private company, Twitter has banned users who break their terms of service.

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