Last updated April 14, 2022
Elon Musk wants to take over the giant social media platform Twitter.
Elon Musk is a popular global personality and he is also the CEO of high profile companies such as Tesla and SpaceX. He is a big fan of Bitcoin, Ethereum and Dogecoin. Since last month, Elon has been actively watching Twitter and its algorithm, and also last week Elon acquired a 9.2% stake in Twitter.
On April 14, Elon Musk tweeted “I made an offer” and shared an attached link of the filing with the U.S. Securities and Exchange Commission (SEC).
The filing revealed that he wants to buy the entire Twitter platform for $54.20 a share — a 54% premium over its Jan. 28 closing price. So here he is basically looking for regulatory approval for the same.
In response to this tweet, Tron founder Justin Sun tweeted, saying that if Twitter agrees, he would like to buy it for $60 a share, more than Elon Musk’s offer.
Justin said he will make Twitter work to its true potential with Web3 & Crypto use cases with the inclusion of Tesla CEO’s first initiatives.
I believe @Twitter far from unleashing its full potential, so I’m offering $60 a share to take the platform private. But we fully support the reform initiatives of @Elon Musk and would like to see Twitter become crypto-native and Web3-friendly.
— HE Justin Sun 🅣🌞🇬🇩 (@justinsuntron) Apr 14, 2022
This news also impacted Twitter’s share price, which rose about 18% before falling to $48/share.
Last time, when Elon revealed his stake in Twitter, Dogecoin jumped 20%. Today, this news has pumped Dogecoin by 5.8%, but it looks like it will come soon, if Elon informs or tweets about it.
Bloomberg reported that $54.20 per share is a very low price for Twitter’s board, because in 2021 Twitter’s price was $70 at its highest, so there’s a chance Twitter’s board will reject Elon’s proposal.
The Bloomberg report also noted that if he fails to buy Twitter, he could sell his stake in Twitter.
According to a letter, Elon wrote to Twitter: “(Twitter) will not thrive in its current form and serve the (freedom of speech) civic need. Twitter needs to be turned into a private company.”
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