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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Nigeria confirms at least 27 people died, more than 100 missing after boat capsized
Abuja (AP): At least 27 people died and more than 100, mostly women, were missing on Friday, after a boat transporting them to a food market capsized along the River Niger in northern Nigeria, authorities said.
About 200 passengers were on the boat that was going from the state of Kogi to neighbouring state of Niger when it capsized, the Niger State Emergency Management Agency spokesman Ibrahim Audu told The Associated Press.
Rescuers managed to pull 27 bodies from the river by Friday evening while local divers were still searching for others, according to Sandra Musa, spokeswoman for the Kogi state emergency services.
No survivor was found about 12 hours after the incident occurred, she added.
Authorities have not confirmed what caused the sinking but local media suggested the boat may have been overloaded. Overcrowding on boats is common in remote parts of Nigeria where the lack of good roads leaves many with no alternative routes.
According to Justin Uwazuruonye, who is in charge of Nigeria's National Emergency Management Agency operations in the state, rescuers had trouble finding the location of the capsizing for hours after Friday's tragedy struck.
Such deadly incidents are increasingly becoming a source of concern in Nigeria, Africa's most populous country, as authorities struggle to enforce safety measures and regulations for water transportation.
Most of the accidents have been attributed to overcrowding and the lack of maintenance of the boats, often built locally to accommodate as many passengers as possible in defiance of safety measures.
Also, authorities have not been able to enforce the use of life jackets on such trips, often because of lack of availability or cost.
