(CTN News) – Elon Musk, the world’s richest man, stirred the world this week by announcing a bid to purchase Twitter. Musk was soon restricted to a maximum 15% stake in the multi-million dollar firm by the ‘poison pill.’ Tesla founder Elon Musk’s 2017 tweet is now making the rounds for all the right reasons amid the whole episode.
What is the tweet about?
Musk’s tweet, dated December 21, 2017, features him talking to Dave Smith and asking him how much Twitter is worth. Musk states, “I love Twitter.” Smith then suggests that Musk should “buy it.” Musk is then asked, “How much is it?”
SpaceX CEO, Elon Musk, revisited his old tweet yesterday, leaving an inverted smile emoticon there. Netizens wondered if Musk was planning to buy the microblogging platform in 2017. “Buy it now, Elon,” wrote one user, while another joked, “Buy Brazil, too.”
Twitter announced on Friday that its Board of Directors unanimously approved a “poison pill” in response to Tesla and SpaceX CEO Elon Musk’s proposal to buy 100% of the company. The move is being marketed as a “limited duration shareholder rights plan.” It aims to make investors “realize the full value of their investment” and also prevent other entities or businesses from gaining control of the firm as all such entities or businesses will be required to pay a “premium.” Twitter will implement the plan if Musk’s stakes in Twitter rise above 9% to 15%.
Saudi Prince rejects Elon Musk’s offer
Twitter’s largest shareholder, Saudi billionaire Prince Al Waleed bin Talal, rejected SpaceX and Tesla CEO Elon Musk’s $41 billion cash offer to take over Twitter. “I do not believe that Elon Musk’s $54.20 offer comes close to the intrinsic value of Twitter given its growth prospects,” the Prince tweeted, prompting Musk to question the Prince’s position on freedom of speech. Meanwhile, Elon Musk has repeatedly stated that he plans to acquire Twitter in order to promote “free speech,” according to him a “societal imperative for a functioning democracy.” “I now realize the company will neither thrive nor serve this societal imperative in its current form,” Musk wrote in the filing.