Proclaiming Twitter needs to be 'transformed', activist investor Elon Musk offered to buy the San Francisco-based social media giant, just days after the Tesla CEO said he would no longer be joining the company’s board of directors.
He called that price his best and final offer, although the billionaire provided no details on financing. The offer is non-binding and subject to financing and other conditions.
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.
After Musk announced his stake, 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.
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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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