Twitter to evaluate 'unsolicited, non-binding' offer of Elon Musk
Apr 14, 2022
Washington [US], April 14 : Social media giant Twitter on Thursday said that its board will evaluate an unsolicited, non-binding offer from Tesla chief Elon Musk to acquire the social media company.
"The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders," Twitter said in a statement.
The world's richest man made the offer in an updated 13D filing earlier today.
Musk offered a "best and final" bid to purchase 100 per cent of Twitter for USD 41.39 billion with USD 54.20 per share in cash.
"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 his filing.
"However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form," he said.
Musk's latest move toward Twitter comes just days after he turned down a seat on the board following his acquisition of a 9.2 per cent stake in the microblogging platform.
