Elon Musk began the purchasing process a few weeks ago, when he purchased the largest minority stake in the social media platform (9.2 percent of the shares). His plan for the next seven days was to purchase the entire blue bird.
Twitter is on the verge of selling itself to Elon Musk, putting the world's richest man in sole control of the social media platform. The irony is that just a few days earlier, the Twitter board of directors stated that selling the platform was the last thing on their minds.
According to The New York Times, Twitter's board of directors was in talks with Elon Musk early Monday about his offer to buy the firm, which he made last week for $46.5 billion. The arrangement isn't finalized yet, but it appears that what appeared to be an improbable bargain is coming to a close. The Twitter-Elon situation appears to have come to a happy conclusion. At least in the case of a Tesla owner.
Musk, who has over 83 million Twitter followers and began collecting Tesla stock early this year, declared his plan to buy the firm and take it private on April 14. Musk revealed how he raised the funds from Morgan Stanley, which provided $13 billion in loans in addition to another $12.5 billion in loans, in a securities presentation released on Thursday.
Elon Musk's Twitter offering is worth 54 percent more than the stock price on the day he started investing in the firm in late January. However, for the majority of the past year, Twitter's stock has traded higher than Elon Musk's offer.
Late in January. However, for the majority of the past year, Twitter's stock has traded higher than Elon Musk's offer. Several observers predicted that Twitter's board of directors would only accept an offer valued at at least $60 per share. Musk made it clear that he thinks Twitter as a platform has a lot of flaws. This is why he wants to "convert" the company into a "platform for global freedom of expression," which will necessitate significant policy changes.
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