The saga has now taken a turn. Last week, Elon Musk (Tesla CEO) disclosed a 9.2% investment in the social media platform and issued a seizure attempt. Although Vanguard owns 10.3% of Twitter, The group has become the company’s biggest stakeholder in the San Francisco-based social media colossus. Throughout a one-and-all meeting on Thursday, Twitter CEO Parag Agrawal assured the employees that the firm will not bein “kept hostage” by sources of Musk’s proposal to purchase the company.
On 11 April, the CEO of Tesla, Elon Musk announced that he will not be binding with the company’s board of directors. “I had many discussions with the member of the board concerning Musk joining the board, as well as discussed it with Musk in person”. We were both excited to collaborate and conscious of the risks. A tweet by Twitter’s CEO added “The Board proposed him a seat”. They also accepted that having Elon as a trustee to the firm, like all member of the board, is necessary to act in the best manner of the company and every shareholder of our firm, was the best way forward.
Musk described that he will no longer be consolidating with the board as Twitter’s CEO stated. He stated “I believe this is for the best, the company valued and will be valuing the shareholder input so-long-as they are on board or not. Elon musk is our biggest shareholder and persists to admit his involvements.”
On April 14, Musk proposed a deal to buy Twitter for USD 43 billion, he revealed the offer in a filing with US Securities and Exchange commissions. As per the filing, Musk would settle 54.20 per share in cash, a 54% premium over the closing price of the bid. after declaring the hostile confiscation, Elon Musk stated, “Twitter has great potential, and I will unlock it.”
Pressures were high across Twitter as the statement of Musk’s takeover proposal of the firm circulated, with users pondering what the service could look like under Elon Musk’s guidance.
Things were different inside Twitter headquarters. Many employees were staggered by the news that Elon Musk has proposed to buy the company and amend it.
As per employees’ concerns, the firm’s management called an emergency one-and-all meeting. It was led by the CEO Parag Agrawal, as per the reports of employees who took part in the meeting were not allowed to talk publicly over this matter.
One of the world’s richest men has proposed a bid to take over Twitter, a move that could have wide drifts on the social network where leaders, celebs, lawmakers, and more than 218 million users consume daily data. As Musk became the biggest shareholder of the company, He bade $54.20 per share, valuing the company at $43 billion.
With along 82 million followers on Twitter, Mr. Musk had a long argued debate session about the need for unrestricted public speech. Elon Musk has criticized Twitter for interceding its platform too restrictively. He paddled the concept of completely shifting the power in social networking to users and away from leviathan firms.
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