Elon Musk is making a bid to buy social media giant Twitter. The billionaire owner of Tesla said he has lined up $46.5 billion in financing to buy the platform and negotiations between the two parties are understood to be underway.
05.04.2022 - 17:35 / justjared.com
Elon Musk is officially joining Twitter‘s board.
The news comes a day after it was announced the Tesla CEO had purchased 9.2% of the social media company’s stock, making him the largest shareholder in the company.
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THR writes that in a securities filing on Tuesday (April 5), Twitter confirmed that Elon will be named to the board “as promptly as practicable,” and his term is set to expire at the 2024 annual meeting.
The letter agreement between the two parties has also limited the number of Twitter shares he can acquire, stating that “for so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9 percent of Company’s common stock outstanding.”
“I’m excited to share that we’re appointing [Musk] to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” Twitter CEO Parag Agrawal said. “He’s both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!”
Elon echoed his sentiments in a tweet of his own, writing that he was looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
The SpaceX founder has also been soliciting questions from users over the past few days, asking if they’d like the service to implement an edit button or had other changes they’d recommend Twitter make.
Elon‘s role at Twitter comes after it was announced he would be stepping down from the board of another company.
Elon Musk is making a bid to buy social media giant Twitter. The billionaire owner of Tesla said he has lined up $46.5 billion in financing to buy the platform and negotiations between the two parties are understood to be underway.
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Patrick Frater Asia Bureau ChiefElon Musk, the controversial billionaire, has made an offer to buy all of social media group Twitter for $43 billion, according to a filing made Thursday morning.The move comes just days after the Tesla pioneer revealed that he had bought a 9% stake in the company and followed that by announcing that he would join its board of directors. That quickly proved unpopular and Musk and the board did a U-turn, announcing it for the best that he did not form part of the boardroom.
Elon Musk has been filed with a lawsuit by Twitter investors for failing to disclose that he had bought a substantial stake in the company.The Tesla chief revealed on April 4 that he had acquired a 9.2 per cent stake in the social media platform.Shares in Twitter soared as investors viewed the move as a vote of confidence, according to The Guardian.But federal trade laws require that investors notify the US Securities and Exchange Commission (SEC) after surpassing a 5 per cent stake in a company within 10 days. Musk acquired his shares on 14 March but did not make that public until over two weeks later.A new lawsuit filed in New York yesterday (April 12) alleges, in the time between passing the 5 per cent threshold and publicly reporting, Musk was able to buy up additional shares at a deflated price.Experts estimate that the delay may have resulted Musk netting $156million (£120million), according to The Washington Post.The lawsuit seeks class action status on behalf of investors who sold Twitter stock during that time who claim they lost out on gains they would have been aware of had Musk disclosed his stake earlier.After Musk disclosed his stake, Twitter shares rose 27 percent from $39.31 to $49.97.
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William Earl Elon Musk is facing a federal lawsuit from a group of Twitter shareholders who claim the Tesla founder failed to properly disclose his purchases of the social media giant’s stock.The suit filed Tuesday in U.S. Southern District of New York asserts that Musk was 10 days late in filing his legally mandated disclosure form after amassing more than 5% of Twitter shares with a buying binge that started in January.The suit, filed by Marc Bain Rasella, asserts that Musk had reached the 5% disclosure threshhold by March 24 but he didn’t file the proper paperwork until April 4.
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