UPDATE – Elon Musk Says Would Be Indefensible Not To Put Twitter Purchase To Shareholder Vote

WASHINGTON (UrduPoint News / Sputnik – fifteenth April, 2022) Entrepreneur Elon Musk stated that letting the Twitter board of administrators resolve whether or not to just accept his supply to buy 100% of the social media firm’s shares as an alternative of placing the choice to a vote by shareholders could be indefensible.

Earlier on Thursday, Musk filed a suggestion with the US Securities and Exchange Commission (SEC) to buy 100% of Twitter for $54.20 per share, valuing the corporate at $43 billion. Musk is at present Twitter’s second largest shareholder, having bought 9.2% of the corporate earlier in April. Only Vanguard owns a bigger proportion at 10.29%, in accordance with an April 8 SEC submitting.

“Absolutely. It would be utterly indefensible not to put this offer to a shareholder vote. They own the company, not the board of directors,” Musk stated by way of Twitter on Thursday in response to a query whether or not a rejection by the corporate’s board of administrators could be in opposition to the monetary pursuits of the shareholders.

Musk stated throughout a TED Talk discussion board that there’s an alternate plan to take over the corporate if his supply is rejected. However, he additionally expressed doubts about whether or not he’ll be capable to full the acquisition.

Musk appeared on the occasion after Twitter’s substantial shareholder Prince Alwaleed of Saudi Arabia stated he was rejecting the takeover bid, which he stated undervalued the corporate and its potential.

As one in every of Twitter’s most-prolific customers, Musk stated his foremost concern is with the platform’s overreach in moderating content material and censorship. n March, he tweeted out a ballot that requested Twitter customers whether or not the location adhered to the precept of free speech.

“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” he stated. “What should be done?” He subsequently declared himself a “free speech absolutist.”

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