Elon Musk in a $43 Billion hostile takeover of Twitter

Today, Elon Musk, the world’s richest man, in a tweet disclosed a Securities and Exchange Commission filing to amend the original purchase of 9.1% (or 73,115,038 shares) of Twitter stock to now include 100% of stock (over 800 million shares) in the company. This is nothing less than a classic hostile takeover of Twitter by Musk.

Below is a statement in the SEC filing amendment to Bret Taylor, Chair of Twitter Board of Directors, from Musk:

“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.

“Twitter has extraordinary potential.  I will unlock it.”

Twitter Investor Relations has confirmed receipt of “an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash.”

“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 released today in response to Musk’s $43 billion proposal.

On April 10, Twitter CEO Parag Agrawal announced that Musk, after buying 9.1% of the company on April 4, decided not to join the Twitter Board of Directors.

“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best.”

Agrawal then warned of “distractions ahead” in the same announcement.

Prior to his April 4 purchase of 9.1% of Twitter and becoming its largest shareholder, Musk conducted a Twitter poll on March 25 asking, if users believe Twitter adheres to free speech principles of which 70.4% of over 2 million respondents replied with a no.

“The consequences of this poll will be important. Please vote carefully,” musk added.

Mario Lotmore

Mario Lotmore is originally from The Bahamas and for the last seven years has called Mukilteo, WA his home. Having lived in every region of the United States has exposed him to various cultures, people, and approaches to life. Lotmore created the Lynnwood Times to represent the character of a diverse and growing Lynnwood. The launching of the city’s community newspaper will only help bring neighborhoods together. Lotmore was an industrial engineer by trade and proven success implementing and managing lean accountable processes and policies within his eighteen years of operations excellence, strategic development, and project management in the aerospace, manufacturing, and banking industries. Over his career he has saved and created hundreds of union and non-union jobs. Lotmore is the President of a Homeowner Association, an active Science Technology Engineering and Mathematics volunteer in his community, and former Boeing 747 Diversity Council leader. Mario’s talent is finding “that recipe” of shared destiny to effectively improve the quality of life for others.

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