One fine day Elon Musk has announced that he has bought 9.2% of the Twitter shares. That has made him the largest stake holder in Twitter. After that announcement the share prices of Twitter has gone up. The way Musk controls the stock market is just unbelievable. As soon as he announced that he has conducted a poll asking about improving Twitter on Twitter.
Fast forward to a couple of days the board members of Twitter have offered him a seat in the board. Elon Musk accepting that will make him a member if the board that does have restrictions for him to decide the future of the company. At first Elon Musk has accepted to be the board member but later he declined the offer.
Now after declining the offer Musk thought of another tactic to buy Twitter and make it private. He said he will be just a passive member in the company. But that did indicate that Musk was planning something big and that was not clearly buying just the largest share of the company.
Now moving on after couple of days Elon Musk has offered “best and final” offer to buy Twitter. He has put a bid to buy at all the stakes of Twitter and make the company his. He is ready to offer a pretty fair amount of $54.20 per share. That will make it up to a total of $43 billion for the company and with $37 billion market cap.
What is the intent behind Elon Musk to buy Twitter?
Musk’s intent was to make Twitter go private. He wants to make changes to his favorite social media platform that protects the “Right to Speech“. An Edit button to the Tweets, an open-source Algorithm, a more strict policy for removing offended tweets, and less moderation.
Elon Musk is not interested in buying Twitter just to make money. His main intention was to protect the “Right to Speech” which was not present in the Twitter. Twitter has been regulating the Speech based on the democracy rules and region of the world.
Well this is not the end of the story yet. After Elon Musk has offered $43 billion to take over the company, Twitter had a first all-hands meeting to discuss about the offer. Later the board of the Twitter has decided to let go of the offer by adapting poison pill. This in short means “Thanks, but no thanks”. As part of the poison pill Twitter has got a new plan. This plan is called the “stakeholder’s rights plan”, that will give certain stake holders to buy more stocks from others in order to fight Musk’s sole ownership of the company.
The saga of Elon Musk and Twitter is not yet done it is just a half time. There is a lot of game pending in the coming days or months.
So, that’s been it. Thank you for reading, and do share the article if you get a bit of information. Also, keep an eye on this space for more relevant updates. Stay safe, and we hope to see you around.