At the beginning of April 2022, The CEO of Tesla and SpaceX, Elon Musk, bought 9.2% of Twitter. It was a kind-of unexpected and quick move by Musk; although, it was also something that might be expected from him, only from him. Currently, he is officially discussing buying the social network platform entirely by its managing board.
Monitoring Elon Musk’s tweets
After a series of weird events following US regulators’ request for monitoring Elon Musk’s phenomenal tweets, he ended up in a meeting with the Twitter board to buy the platform. Musk’s first reaction was to build his own social network but he decided to buy 9.2% of Twitter at the beginning of April, for $2.9 billion. As a result, Twitter’s CEO, Parag Agrawal, has announced that they are offering a chair on the managing board of Twitter. Although, Musk decided not to join just 1 week after.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
Then, a shareholder of Twitter sued Musk because he did not disclose his 5% stake in Twitter before, allowing buying more shares at a low price. After this incident, Elon Musk stated that he is interested in buying the entire company for $54.2 per share, all in cash, for a total of $43.4 billion.
The Twitter board might accept the bid
He is now on an official meeting with the Twitter board and the board is said to be leaning toward accepting Elon’s bid. The CEO of SpaceX will fund the payment by burrowing $13 billion from various sources, burrowing an additional $12.5 billion from his equity holdings, and a direct $21 billion payment from his holdings.
The meeting is currently ongoing and there is no official announcement yet. We will deliver further news, regarding Elon Musk’s trying to buy Twitter entirely. Stay tuned.