Twitter responds to Elon Musk’s attempt to acquire the firm.
Twitter said that its board of directors would review a “unsolicited, non-binding” acquisition bid from Tesla CEO Elon Musk.
Twitter confirmed this in a statement issued on Thursday.
“The Twitter Board of Directors will carefully study the proposal in order to decide the course of action that it feels is in the Company’s and all Twitter investors’ best interests,” Twitter said.
Additionally, the corporation announced that it had received Musk’s proposal, which valued the company at $43.4 billion.
Elon Musk, CEO of Tesla, had filed a hostile takeover attempt for Twitter, arguing that his offer was the “best and last offer” and that he was the only one capable of realizing the platform’s full potential.
Musk offered $54.20 per share, valuing the social network company at $43.4 billion, in a filing with the Securities and Exchange Commission on Wednesday, April 13.
Musk’s newest approach toward Twitter comes just days after he declined a position on the microblogging platform’s board of directors after his purchase of a 9.2 percent stake.
“I invested in Twitter because I think it has the potential to serve as a global forum for free expression, and I believe that free speech is a social requirement for a functioning democracy,” Musk said in his filing.
“However, after making my investment, I’ve realized that the firm, in its present form, would neither survive nor fulfill this social necessity,” he stated.
“Twitter should be spun off into a private firm. As a consequence, I am proposing to acquire 100% of Twitter for $54.20 a share in cash, a 54 percent premium to the price on the day I began investing in Twitter. “