Saturday, March 2, 2024

Elon Musk wants Twitter

Elon Musk has been the man of the hour, not for being the richest in the world, but for wanting to add to his wealth as he just proposed paying $54.20 for each share of Twitter, an offer that values the social media giant at $43 billion. In other words, he wants to own Twitter.

The billionaire who runs SpaceX, Tesla and other profit raking companies, has already acquired 9.2% of Twitter which makes him the largest shareholder.

According to Bloomberg, the entrepreneurs wealth is estimated to be around $260 billion.

According to CNBC, Twitter’s market valuation is about $37 billion and Musk’s offer values Twitter at about $43 billion. That’s huge.

The Tesla boss is proposing to “acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.” The proposal was delivered in a letter to
Twitter on April 13th. Musk says Twitter must go private to undergo changes that need to be made.

“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,” said Musk in a letter sent to Twitter chairman Bret Taylor. “Twitter has extraordinary potential. I will unlock it.”

Speaking of unlocking it’s potential, Musk has complained in recent times that the bird app has been impeding on free speech taking off people whose views are “not conventional.”

This has led to mixed reactions as some people are worried that Musk taking over Twitter could lead to more of those ‘unconventional’ speeches.

President Donald Trump had his Twitter account suspended in January 2021, while a tweet by President Muhammadu Buhari of Nigeria was deleted by the app last year. In retaliation, the Nigerian government suspended the platform.

Some people have hailed the latest move by the tech enthusiast as a welcomed development.

Time will surely tell if he becomes the owner.

Yusuf Mohammed
Yusuf Mohammed
Yusuf Mohammed, an experienced Nigerian journalist, writer and editor, holds a Bachelor of Arts degree in History and International Relations from Al-Hikmah University. He cut his journalism teeth at Business Hallmark newspaper in 2013. From Business Hallmark, he moved to New Telegraph newspaper where he was an editorial staff from 2015 – 2017. In 2017, he joined The Next Edition as a pioneer staff and helped to take it to the summit of online platforms. He had a second spell at Business Hallmark in 2019 before establishing The Columnist Ng, a platform dedicated to publishing articles of renowned Nigerian writers. Mohammed's writings have been published in several Nigerian newspapers and magazines such as Daily Trust, Premium Times, The Cable and Newswatch. His tribute to the late football great, Diego Maradona was published in three magazines, including Air Peace in-flight Magazine in 2020.


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