Connect with us

Latest News

Elon Musk initiates a hostile takeover attempt for 100% of Twitter

Published

on

Elon Musk has made a bid to purchase Twitter Inc, the business that operates the microblogging social media site Twitter, putting an end to all suspicions. According to sources, Elon Musk, the CEO of Tesla and SpaceX, has offered $54.20 per share in cash for 100 percent of Twitter’s stock, valuing the deal at over $43 billion.

In a filing with the U.S. Securities and Exchange Commission on Thursday, the world’s richest man announced his aggressive takeover offer for the corporation. Following the announcement, Twitter’s stock jumped 18 percent.

Elon Musk had previously announced that he had purchased a 9.2 percent interest in Twitter, sparking suspicion that he may take the firm over. He was offered a place on the company’s board of directors as a result of his ownership, which he accepted at first. He eventually changed his mind and opted not to join the board of directors.

One of the terms of his nomination to the board of directors was that he could not raise his share in the company above 15%. He is no longer constrained by such constraints as an independent investor, and he has made a bid to buy Twitter’s whole stock.

As per a letter supposedly written by Musk to Twitter board chairman Bret Taylor, Musk stated that he invested in Twitter because he believes in its potential for global free expression, claiming that free speech is a societal requirement for a functioning democracy.

“However, since making my investment, I have come to see that the company, in its current form, can neither prosper nor satisfy this societal necessity.” In the letter, he stated that Twitter should be turned into a private firm.

“As a result, I am trying to purchase 100% of Twitter for $54.20 per share in case,” he stated while announcing his offer, “a 54 percent premium over the day I began investing in Twitter and a 38 percent premium over the day before my investment was officially reported.” He went on to say that his offer is the greatest and final one and that if it isn’t accepted, he will have to reevaluate his position as a shareholder.

“Twitter has amazing potential,” he continued. “I’ll get it open.”

Elon Musk, the world’s richest man, has the financial means to purchase 100% of Twitter’s stock. It will be interesting to observe how the Twitter board of directors and management respond to his offer. However, if the board of directors declines, he can buy all of the Twitter shares on the market, gaining enough shares to take over the board. For the buyout, Musk has chosen Morgan Stanley as his adviser.

While Musk’s offer price is higher than recent stock prices, it is lower than the company’s high pricing. Because Twitter’s stock exceeded $77 just last year, some stockholders may be unwilling to sell at $54.20, causing the deal to fail.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Community Over Celebrations: RPI(A) Marks Ex-MLA Sandeep Naik’s Birthday with Service Drives

Published

on

Rejecting flower bouquets, supporters distribute fruits to hospital patients, raincoats to sanitation workers, and free bus passes.

The Drives

Transforming birthday traditions into meaningful public service, the Republican Party of India (Athawale) joined hands with local BJP leaders to celebrate former Airoli MLA Sandeep Naik’s birthday with a series of community-focused welfare drives in Sector 3.

Responding directly to Naik’s personal appeal asking supporters to skip expensive garlands and focus on social work, party leaders organized a multi-pronged community event led by NMMT committee member Advocate Yashpal Ohal and Airoli Assembly President Pratik Jadhav.

Volunteers visited the local Mother and Child Hospital in Sector 3 to distribute fresh fruits to recovering patients. Demonstrating appreciation for the city’s frontline workers, the team gifted durable raincoats to Navi Mumbai’s sanitation workers the Swachhata Doots whose daily efforts keep the municipality clean. Additionally, free NMMT bus passes were distributed to senior citizens and women at the Airoli Bus Depot to support local travel needs.

“A birthday is just a reason to gather, but our real goal is serving people,” said RPI(A) leader Sidram Ohal. “Sandeep Sahib has always guided us to prioritize public welfare over pomp. Honoring our sanitation workers and supporting our seniors is the best gift we could give him.”

The event drew strong support from civic representatives, including Transport Committee Chairman Vikas Jhanjhad and Corporator Shivajirao Khopde, showcasing a unified effort across political lines to turn a personal milestone into a day of tangible public good.

Continue Reading

Latest News

Relief for Navi Mumbai as Morbe Dam Level Reaches Nearly 86% Capacity

Published

on

Steady monsoon downpours across catchment areas push water storage past 85.90%, securing the city’s drinking supply.

The Dam

A wave of relief has washed over Navi Mumbai as the Morbe Dam, the primary lifeline for the city’s drinking water, crossed a crucial milestone this monsoon. Following days of persistent heavy rainfall across its catchment area in the Raigad and Matheran hill ranges, the dam’s water storage has officially reached 85.90% of its total capacity.

The surge in water levels brings immense reassurance to both city officials and local households. Prior to the onset of the heavy downpours, lower storage levels had raised concerns over potential water cuts and strict rationing through the upcoming summer months. However, the steady inflow over recent weeks has effectively neutralized those worries.

With the current storage level approaching the dam’s maximum operational height of 88 meters, civic officials from the Navi Mumbai Municipal Corporation (NMMC) are keeping a close watch on daily weather patterns. Once the dam reaches 100% capacity, excess water will automatically discharge through its waste weir into the Dhavri River. “This is fantastic news for everyone in the city,” shared a local resident from Vashi. “Water uncertainty creates a lot of anxiety for families. Knowing the main dam is nearly full gives us complete peace of mind for the year ahead.”

NMMC authorities continue to monitor the reservoir daily, expressing confidence that if the monsoon maintains its current momentum, the dam will soon reach full capacity ensuring an uninterrupted water supply for the entire city.

Continue Reading

Latest News

Scattered Cable Wires Pose Daily Hazard for Navi Mumbai Residents

Published

on

Loose internet and TV cables dangling across footpaths and roads leave commuters at risk of trips, entanglements, and electrocution.

The Cables

Walking down a sidewalk in Navi Mumbai has increasingly become an obstacle course, with residents raising alarm over a growing safety threat: tangled webs of loose, low-hanging cables scattered across roads and footpaths.

What started as minor visual clutter has turned into a daily hazard. Overhead internet, television, and telephone lines dangle dangerously close to street level, catching on passing vehicles and tripping pedestrians, particularly children and the elderly. Motorcyclists face the terrifying risk of getting entangled in hanging wires, while the proximity of these cables to high-voltage power lines creates a constant risk of short circuits and electrocution. The root of the problem lies in irresponsible installation. To cut costs, local service providers string optical fiber cables across electricity poles rather than placing them underground. When wires break or services are updated, dead cables are simply left hanging instead of being safely removed.

Frustrated citizens are calling on the Navi Mumbai Municipal Corporation (NMMC) and MSEDCL to take immediate action. “Walking at night feels like walking into a trap,” shared one concerned local resident. “You never know when a hanging wire might catch your neck or trip you up. The authorities need to clean this up before someone loses their life.”

Residents are demanding a citywide drive to remove unauthorized dangling wires, alongside strict policies enforcing underground cabling for all service providers.

Continue Reading

Trending