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
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
KSRTC to run 1000 special services to clear Christmas rush
Bengaluru: The Karnataka State Road Transport Corporation will operate 1000 additional special services in view of the Christmas festival.
In addition to the existing schedule, the special services will run on 19.12.2025, 20.12.2025 and 24.12.2025. Further, special buses will be operated from various places of intra & Interstate places to Bengaluru on 26.12.2025 & 28.12.2025.
Special buses will be exclusively operated from Bengaluru Kempegowda Bus Station to Dharmastala, Kukkesubramanya, Shivamogga, Hassan, Mangaluru, Kundapura, Shringeri, Horanadu, Davangere, Hubbali, Dharwad, Belagavi, Vijayapura, Gokarna, Sirsi, Karwar, Raichur, Kalaburagi, Ballari, Koppala, Yadgir, Bidar, Tirupathi, Vijayawada, Hyderabad and other places.
ALSO READ: Bengaluru: Shopkeeper stabbed for refusing to serve free panipuri
Special buses from Mysuru Road Bus Station will be exclusively operated towards Mysuru, Hunsur, Piriyapatna, Virajpet, Kushalanagar, Madikeri.
The corporation has also announced a discount of 5 per cent on the fare if four or more passengers book tickets under a single reservation. A discount of 10 per cent will be extended on return journey tickets if onward and return tickets are booked simultaneously.
In addition to the above, special buses will be operated from all Taluk/District Bus Stands in the jurisdiction of KSRTC based on the traffic needs.
