Tesla CEO Elon Musk offers to buy Twitter for $43 billion
New York, Apr 14: Elon Musk is offering to buy Twitter, just days after the Tesla CEO said he would no longer be joining the social media company's board of directors.
Twitter Inc. said in a regulatory filing on Thursday that Musk, who currently owns slightly more than 9% of its stock and is the company's biggest shareholder, provided a letter to the company on Wednesday that contained a proposal to buy the remaining shares of Twitter that he doesn't already own.
Musk offered $54.20 per share of Twitter's stock. It would be an all cash offer and would value the social network at $43.4 billion.
He called that price his best and final offer.
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 says 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.
The buyout offer from Musk is just the latest development in his relationship with Twitter.
The billionaire revealed in regulatory filings over recent weeks that he'd been buying shares in almost daily batches starting Jan. 31.
Only Vanguard Group's suite of mutual funds and ETFs controls more Twitter shares.
At that point Twitter quickly gave Musk a seat on its board on the condition that he not own more than 14.9% of the company's outstanding stock, according to a filing. But Musk backed out of the deal.
Musk's 81 million Twitter followers make him one of the most popular figures on the platform, rivalling pop stars like Ariana Grande and Lady Gaga. But his prolific tweeting has sometimes gotten him into trouble with the SEC and others.
Musk and Tesla in 2018 agreed to pay 40 million in civil fines and for Musk to have his tweets approved by a corporate lawyer after he tweeted about having the money to take Tesla private at 420 per share.
That didn't happen but the tweet caused Tesla's stock price to jump. Musk's latest trouble with the SEC could be his delay in notifying regulators of his growing stake in Twitter.
Musk has described himself as a free speech absolutist and has said he doesn't think Twitter is living up to free speech principles an opinion shared by followers of Donald Trump and a number of other right-wing political figures who've had their accounts suspended for violating Twitter content rules.
Shares of Twitter jumped 11% before the market open.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
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India & Israel elevate ties to special strategic partnership, vow to soon conclude free trade deal
Jerusalem (PTI): India and Israel on Thursday elevated their "time-tested" relationship to a special strategic partnership and agreed to soon firm up a "mutually beneficial" free trade deal even as Prime Minister Narendra Modi strongly backed the Gaza peace initiative, asserting that humanity must never become a victim of conflict.
Following talks between Modi and his Israeli counterpart Benjamin Netanyahu, the two sides inked a plethora of agreements to expand cooperation in areas of trade, agriculture, energy, cyberspace and digital payment.
India and Israel also vowed to expand their already close defence partnership by working towards joint development and joint production of military hardware under the framework of the transfer of technologies.
In his media statement, Modi said India's security interest is linked to peace and stability in the Middle East, adding that New Delhi fully supports the Gaza Peace Initiative.
"India's stance is clear: humanity must never become a victim of conflict. A path to peace has been created through the Gaza Peace Plan. India has fully supported these efforts," he said.
"In the future as well, we will continue dialogue and cooperation with all countries," he said.
PM Modi landed in Israel on Wednesday on a two-day visit. It is his second visit to Israel in nine years.
In his remarks, the prime minister said India and Israel have a united view that there is no place for terrorism in the world and both sides stand shoulder-to-shoulder in countering terrorism and its supporters.
"Our relationship is founded on the strong bedrock of deep trust, shared democratic values, and human sensitivities. Our bond has stood the test of every trial of time," he said.
"Today, we have taken the historic decision to elevate our time-tested partnership to the status of a 'Special Strategic Partnership'," he said.
The prime minister also announced the establishment of an India-Israel critical and emerging technologies partnership to impart a new momentum for cooperation in areas of artificial intelligence, quantum, and critical minerals. "I am pleased that an agreement has been reached for the use of UPI in Israel," he said.
The prime minister, referring to the threat of terrorism, said India and Israel will continue to confront the menace unitedly.
"India and Israel are completely clear that there is no place for terrorism in the world. In any form, in any expression, terrorism cannot be accepted," he said.
"We have stood shoulder-to-shoulder in opposing terrorism and its supporters, and we will continue to do so," he added.
India and Israel also discussed the implementation of the India-Middle East Europe Economic Corridor (IMEC) and cooperation under the framework of I2U2 (India-Israel-UAE-USA).
