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Mar 19, 2023 / By Salma Mohammed / in Blogs
Twitter will study "carefully" Elon Musk's offer to buy it outright, and Alwaleed bin Talal rejects it. Tesla chief Elon Musk, who recently acquired a 9.2% stake in Twitter's capital, offered to buy the entire company at $54.20 per share and exit Wall Street, an offer the social network said it would "carefully study." In a document he sent to the US Stock Exchange Supervisory Authority, Musk made it clear that this offer is "the best and final", threatening that in the event of rejection he would "reconsider his position as a contributor" to the social network. Following this announcement, Twitter's share price jumped 11.34% to $51.05 in electronic trading prior to the opening of the Wall Street Stock Exchange. In a letter addressed to Twitter Chairman Brett Taylor, Musk confirmed that he invested in the platform because of its pivotal role in "freedom of expression around the world", which in his opinion constitutes "a social obligation for effective democratic systems." "But since I made my investment, I have realized that the company is not thriving and does not fulfill its social duty in its current form," he added, proposing to withdraw Twitter from the New York Stock Exchange. "I'm proposing buying 100% of Twitter at $54.20 a share in cash, which is $54 more than the period prior to my Twitter investment, and 38% more than the eve of my investment announcement," Musk said. $ 43.4 billion The figures provided by Musk estimate the value of Twitter at approximately $ 43.4 billion, compared to about $ 37 billion currently. Shortly after Musk's announcement, Twitter announced in a statement that it had "received the non-binding offer made by Elon Musk on a personal initiative to buy all of the company's outstanding common shares at a price of $54.20 in cash." She noted that Twitter's board of directors "will carefully consider the offer to determine what behavior it considers will best serve the interests of the company and all of Twitter's shareholders." Forbes figures indicate that Elon Musk's personal wealth is approximately $ 274 billion, which makes him the richest person in the world. Mask is particularly active on Twitter, where his account is followed by more than 81.6 million users. Musk was scheduled to enter the Twitter board of directors a few days ago, but the general manager of the social network, Parag Agrawal, announced Monday that Musk ultimately refused a seat on the board. Crucial weeks ahead Analysts at Wedbush Consulting said the Twitter board would likely have to accept the offer or look for another buyer. Analysts pointed out that "the time now is for anticipation to follow up on what will happen in light of our expectations of many turns and changes in the coming weeks," amid many questions that will be raised about financing issues, organizational aspects, and the way Elon Musk distributes his time to balance among his many companies. Musk's announcement last week to buy a stake in Twitter led to an increase in the value of the network's shares by more than 25 percent. Musk's move comes after he recently tweeted to ask if the social network was "dying" in light of the many accounts of celebrities who are followed by tens of millions on the network, but who are not active. Musk wrote on Twitter on Saturday, "The majority of the main accounts only tweet rarely and publish little content. Are we witnessing the death of Twitter?", Commenting on an attached image showing a list of the ten most followed accounts across the network. He noted in particular that singer Justin Bieber, who has the second most followed account on the network, tweeted on Twitter only once this year. Musk also asked his followers on Sunday about their opinion on his proposal to "delete the letter W in TWITTER," also asking whether they agree to "convert Twitter's headquarters in San Francisco into a homeless shelter, since no one goes to the place anyway." Musk has also repeatedly sparred with the federal financial market watchdog, which has cracked down on his use of social media. Al-Waleed refuses For his part, Saudi Prince Al-Waleed bin Talal, owner of Kingdom Holding Company, which owns 5.2% of Twitter shares, said he rejects Musk's offer to buy all of its shares. Bin Talal said in a tweet that Musk's financial offer does not match the value of Twitter, "given its growth prospects."
Mar 19, 2023 by Salma Mohammed
Mar 19, 2023 by Ayat Diab