Twitter shares fluctuated as Musk wants buy the company and abandoned invitation to join the board
PayPal, Tesla, SpaceX, OpenAI, The Boring Company, and Zip2 are Elon Musk's most successful ventures. The intellectual's planning to colonise Mars as a human habitable planet is brilliant. From crypto hoarding to company share dominating, all are strategically done. Still, it seems like fun and jokes are also placed behind the serious decisions Musk makes.
When Elon Musk suggested Twitter an edit button, alongside Tweet-fighting against government officials saying he's not paying enough taxes, Musk bought a 9.2 per cent stake in one of the largest social media companies.
Parag Agarwal, CEO of Twitter, said, "There will be distractions ahead, but our goals and priorities remain unchanged." He confirmed that Musk is the biggest Twitter shareholder, and the company will remain open to his input.
On a Saturday Tweet, Musk said he is not interested in taking a seat on the board. More than 8 per cent tumble was recorded in Twitter's share. Even though it closed up 1.69 per cent on Monday, it went to less than $43 a share in premarket trading. Agarwal said a "contingent on a background check and formal acceptance" was needed on Musk's side.
Musk is a big player, one of the biggest ever seen. The individual had the title of the richest man on the planet as his company shares skyrocketed. It went down slightly, but the crown was back in no time. Elon Musk is undoubtedly a brilliant mind and trying to change how tech works around us. His provocation of free speech certainly caught people's attention, even neutral in politics.
After becoming the largest shareholder of Twitter, Musk offered $41.39 billion to purchase the whole company. A recent notice by Elon said he wants all company outstanding common stock for $54.2 a share. Securitas and Exchange Commission (SEC) confirmed the proposal.
On the scheduled 13D statement, it amends Elon Musk as (the "Reporting Person") filed with SEC on 5th April 2022, amended on 11th April 2022 (collectively, the "Schedule 13D"),
concerning the Common Stock of Twitter Inc. (the "Issuer"). On 13th April 2022, Musk delivered a letter for all cash, considering valuing the Common Stock at $54.2 per share.
The statement also said, "this represents a 54% premium over the closing price of the Common Stock on 28th January 2022, the trading day before the Reporting Person began investing in the Issuer, and a 38% premium over the closing price of the Common Stock on 1st April 2022, the trading day before the Reporting Person's investment in the Issuer was publicly announced."
Mask said, "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."
The SEC filing also included, the Reporting Person may engage in discussions with the board and members of the issuer's management team concerning, including, without limitation, the proposal, potential business combinations and strategic alternatives, the business, operations, capital structure, governance, management, the strategy of the issuer and other matters concerning the issuer.
The Reporting Person may express his views to the board and/or members of the issuer's management team and/or the public through social media or other channels concerning the issuer's business, products and service offerings. This offering may vary from time to time as Musk wishes for the company's well-being.
On 15th April, another Tweet by Musk said, "Will endeavour to keep as many shareholders in privatised Twitter as allowed by law." Musk suggested running Twitter's headquarters office in San Fransisco into a homeless shelter as "no one shows up anyway."