Elon Musk Offers $43 Billion to Take Twitter Private

Tech billionaire Elon Musk is trying to take over Twitter (TWTR)…

On Thursday, the Tesla (TSLA) and SpaceX founder offered to purchase Twitter for $43 billion, adding that taking it private would help transform the company. 

Prior to this development, Musk purchased a 9.2% stake in the social media giant. Shortly after, the tech billionaire was offered a board seat, which he declined to accept. 

In a letter to Twitter’s Chairman Bret Taylor, he noted that a full purchase would better benefit the company, as it would have greater potential to become a platform for “free speech around the globe.”

Had Musk accepted the board seat, he would have been limited to owning 14.9% of its shares. But as a regular investor, he has the potential to purchase even more. 

And if he were to buy the company outright at a 38% premium, it would ultimately give him even more power to influence Twitter’s broader business decisions. 

But it remains unclear whether the social media firm’s management is on board with the idea. Ahead of Musk’s “first and final offer,” CEO Parag Agrawal warned investors of potential distractions, as the board is currently reviewing the proposal – with some sources saying the offer could be too low.

Management may also see this as an attempt at a hostile takeover. If the company were to decline the deal, Musk noted he would reconsider his stake in Twitter. 

Meanwhile, sources familiar with the matter said the social media company is already establishing new measures to avoid these types of bids in the future. 

If these measures were to be enacted, they would create a shareholder-rights plan. In turn, it would also allow existing shareholders to buy additional stock at a discount, potentially diluting the ownership value of the interested party. 

Nevertheless, if Twitter were to accept the offer, it would likely drive a rapid rise in retail purchases. But in the instance the company rejects Musk’s offer, it will likely drive a sell-off, resulting in a reversal in recent gains.

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