Elon Musk made a proposal to buy the remaining shares of Twitter that he doesn't already own, offering $54.20 per share of the company's stock.
Twitter Inc. said in a regulatory filing on Thursday that Musk, who currentlyand 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.
At that point, Twitter quickly gave Musk a seat on its board on the condition that he did 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, rivaling 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.
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Leadership Lessons From Elon Musk And His Tweet About TwitterI am a crisis management/communication expert, consultant and bestselling author of the award-winning Crisis Ahead: 101 Ways to Prepare for and Bounce Back from Disasters, Scandals, and Other Emergencies (Nicholas Brealey). Crisis Ahead was rated one of best new crisis management books to read in 2020 and 2021 and — one of the best crisis management books of all time — by BookAuthority.org. My advice and observations are based on my extensive experience helping companies, organizations, and individuals prevent, manage and recover from a variety of crisis situations. I'm the former CEO of two trade associations, a PR consultant to hundreds of clients, press secretary for Democratic and Republican members of Congress and political candidates and a consultant for Ogilvy Public Relations and other PR and advertising agencies.
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