It is no longer speculation that Elon Musk refused to join the Twitter board because he has plans to buy the company as a whole. As explained in this article, joining the board would have prevented him from even owning 14% of the social media firm.
On 13 April 2022, the tech billionaire officially delivered the letter offer containing the following details:
1. He is offering to buy every share at $54.20, which will take the company’s valuation from $37 billion to $43 billion.
2. He wants to make Twitter’s algorithm open source (this was from additional details he revealed during a talk after making the offer).
3. Musk wants to make Twitter a private company and claims that it is the only way it will ‘serve’ its societal ‘imperative’ and ‘thrive.’
4. He threatened to pull out as a shareholder if his offer to buy the company is not accepted.
5. He hints that the way Twitter is currently run is blocking its potential and he is looking to unlock it.
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Naturally, such a major move has effects, and the tech and stock industry felt its ripples. For example, Twitter’s stock went up due to the new valuation that Musk’s offer would bring, while Tesla’s stock dropped because its CEO was taking on a new business and could be distracted from running it effectively.
Also, there is the option of a violent takeover, and the world’s richest man is considering it as he created an opinion poll that is attracting millions of engagements already asking if the board or shareholders should decide to sell the company.
Taking Twitter private at $54.20 should be up to shareholders, not the board
— Elon Musk (@elonmusk) April 14, 2022
Discussions about the pros and cons of Elon Musk taking over Twitter has been going on all day on the platform with the for and against camp making their case to the court of public opinion. The board is still considering the offer and had allegedly met after they received the news.
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