Twitter board to evaluate Musk's 'unsolicited, non-binding' $43B offer
Darpan News Desk IANS, 14 Apr, 2022 02:59 PM
San Francisco, April 14 (IANS) Twitter on Thursday said it will carefully review the "unsolicited, non-binding" proposal from Tesla CEO Elon Musk to acquire the micro-blogging platform for more than $43 billion.
"The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders," the micro-blogging platform said in a statement.
Earlier in the day, Musk made an offer to buy 100 per cent of Twitter at $54.20 per share, a 54 per cent premium over the closing price of Twitter on January 28, 2022, the trading day before Musk began investing in the company.
This is a 38 per cent premium over the closing price of Twitter on April 1, 2022, the trading day before Musk's investment in Twitter was publicly announced.
"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," Musk said in the filing.
"However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."
In a letter to Twitter's board, Musk said he believes Twitter "will neither thrive nor serve societal imperative in its current form".
"If the deal doesn't work, given that I don't have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder," he added.
Earlier this week, Twitter CEO Parag Agrawal announced that Musk will not join the board of the company, saying that "he believes it is for the best".
The Indian-origin CEO last week said the micro-blogging platform has appointed Musk to its board of directors.
Musk, who acquired 9.2 per cent share in the micro-blogging platform for nearly $3 billion, is limited from buying more than 15 per cent of Twitter's stock.
In a rare departure from his usual deference to powerful member countries, WHO Director-General Tedros Adhanom Ghebreyesus said getting access to raw data had been a challenge for the international team that traveled to China earlier this year to investigate the source of COVID-19. The first human cases were identified in the Chinese city of Wuhan.
A wildfire in Lytton, B.C., during historically high temperatures points to a serious need to prevent similar occurrences, says the chairwoman of the Transportation Safety Board, which is investigating the possibility that a freight train could have been linked to the disaster.
Tiff Macklem says the central bank largely expects higher prices right now are temporary and the inflation rate will fall back to the bank's two-per-cent target as the economy opens further.
Evacuation orders affecting more than 1,400 properties are posted for 10 of the 26 fires currently listed by the B.C. Wildfire service as potentially threatening or highly visible.
In a report today, parliamentary budget officer Yves Giroux estimates that a one-time tax of three per cent and five per cent on Canadians with net wealth over $10 million and $20 million respectively would yield between $44 billion and $61 billion.
A well-known American advocate of stronger Canada-U.S. ties helped state lawmakers from across the Midwest formally vent their bilateral frustrations Wednesday with an official request that the two countries "immediately" open their shared border to fully vaccinated travellers.
