The richest man in the world became in just 3 weeks a popular tweeter, the biggest shareholder on Twitter and now also the owner of the social network with an offer that the shareholders could not refuse. And surely there was the trella too.
It started as the another trillion of the billionaire entrepreneur, and then came the reports of The decision by the company’s board of directors to “swallow a poisoned pill” just to avoid the buy- but in the end, it happens: Elon Musk bought Twitter today (Monday), and soon becomes a partner The largest shares in the company, for those who also hold control of the company
Musk sweetened the deal and turned over the board
Although the Musk’s first offer was $ 42.0 billion and included the good premium per share, it was rejected outright by the members of the board – who decided to prevent the acquisition at all costs. However after the Tesla’s successful reports – the Musk upgraded the offer to $ 44 billion – that is the share price of $ 54.20, which reflects the 38 % premium on the stock – The offer that Twitter shareholders could not Reject. Elon Musk will be the financed of the purchase , among other things, from $ 21 billion in cash, as well as loans from Morgan Stanley Bank and a lien on Tesla shares.
About a week and a half ago, Musk submitted his first bid to acquire 100% of the company in a document received by the United States Securities and Exchange Commission (SEC). Tesla’s techno and major shareholder on Twitter offered to buy all of the company’s shares at a price of $ 54.20 per share in cash – this is a premium of 20% per share based on its last closing price then (about $ 45). As befits Musk – his 2 purchase offers included trolls based on the 420 digit sequence – the code name for marijuana use. In 2018, by the way, Musk punched in a share price of $ 420, as a trigger to make Tesla private – a move that led him to an investigation by US Securities and the Exchange Commission.
“Believes in the potential of the platform”
The change that Musk is planning for the company based on a document he previously submitted is to return Twitter to being a private company – meaning to cancel trading in its stock on the stock exchange – because only then will he be able to make significant changes in the company. Musk said”I have invested in Twitter because we believe in the potential of the platform for freedom of expression around the world, and I believe that freedom of expression is the important for our society and for the democracies,” in a letter to Twitter chairman Brett Taylor.
In an official announcement of the acquisition, Brett Taylor said: “Twitter’s board of directors carefully examined Elon’s offer with an emphasis on value, certainty, and funding. “The Elon Musk offer includes expressive profit and we believe it is best chance for the Twitter shareholders.”
Musk, it will be recalled, just three weeks ago bought his shares in Twitter – 9.2% of the company’s total shares – for about $ 3 billion. At first the Musk was supposed to be a passive investor, but very quickly move gained the huge buzz and the company offered him a chair on its board – and Musk even agreed to the offer. However, a few days later Twitter CEO Prague Agarwal announced that the Musk had decided to relinquish his chair. Now, as mentioned, he is returning to the center of the stage – and in a big way.
Musk is now adding Twitter to companies in which it is active and involved in one way or another – from active management to donation and assistance – including Tesla and SpaceX; Boring Company Mining Company; Neuralink Neuroscience Company; American AI company OpenAI; And SolarCity Solar Energy Company. As you may recall, Musk was also among the founders of the payments giant PayPal.
Overview
Elon Musk, born on June 28, 1971, in Pretoria, the administrative capital of South Africa (now known as Tshwane), has triple nationality of South Africa, Canada, and the United States, entrepreneur, engineer, philanthropist Family. elon musk is currently the CEO and CTO of SpaceX, CEO of Tesla, and Chairman of the Board of SolarCity.
He graduated from the University of Pennsylvania with a double major in economics and physics. From 1995 to 2002, Elon Musk and his partners successively established three companies, namely the online content publishing software “Zip2” and the electronic payment “X.com”. In 2000, X.com merged with Confinity, and in 2001 it was officially merged into the international trade payment tool “PayPal”. In June 2002, Elon Musk invested 100 million US dollars to establish Space Exploration Technology Corporation (SPACE X), serving as CEO and Chief Technology Officer. In 2004, Elon Musk invested $6.3 million in Tesla Motors to become the company’s chairman. In 2006, Elon Musk invested 10 million US dollars and co-founded the photovoltaic power generation company Suncity.
On April 6, 2020, He ranked 21st in the “Hurun Global Top 100 Entrepreneurs” with a fortune of 290 billion yuan.
Early life
Musk was born in Pretoria, South Africa[6]; his mother is Canadian and his father is Afrikaans[7][8]. His maternal grandfather was from Minnesota, USA, and later moved to his mother’s birthplace, Saskatchewan, Canada. Musk’s father is an engineer and his mother is a writer, nutritionist and model.
Musk bought his first computer when he was 10 years old and taught himself to program. He sold his first commercial software called Blastar (a space game) for $500 At the age of 12. After graduating high school at the age of 17 (1988) without parental support, in part because of compulsory military service, he left the family.
In 1992, after two years of study at Queen’s University in Canada, he moved to the University of Pennsylvania to study business and physics; after graduating from the Wharton School of the University of Pennsylvania with a bachelor’s degree in economics, he stayed at the school for another year and then obtained physics Bachelor’s degree. He then moved to California’s Silicon Valley to pursue a Ph.D. in Applied Physics and Materials Science at Stanford University, but dropped out after two days. Musk considered three areas that he would most like to get involved in. In his opinion, these three areas are all areas that have a profound impact on the future development of mankind: the Internet, renewable energy, and space.
Zip2
After laying down his graduate degree, Elon Musk and his brother Kimbal Musk started a project called Zip2 (an online publishing software for news organizations). In 1999, Compaq’s AltaVista unit acquired ZIP2 for $307 million in cash and $34 million in stock options.
PayPal
He co-founded the PayPal online payment mechanism, which allows online consumers to pay safely and conveniently, making it the most successful online payment method to date.
In October 2002, he sold PayPal to eBay, the world’s largest online store, for $1.5 billion.
SpaceX
Musk takes Barack Obama and others on a tour of SpaceX in 2010
In June 2002, Musk established a third company and served as CEO and CTO: SpaceX (space exploration technologies). It’s a private space launch company with targets including the moon and Mars. The company’s design philosophy is simplicity to ensure safety and cost savings. SpaceX has won a $1.6 billion contract from NASA to undertake 12 space launches for NASA. [9] On May 25, 2012, SpaceX launched a two-stage rocket to send a spacecraft called Dragon to the International Space Station, ushering in the era of space privatization.
SpaceX’s factory is huge, with 3,000 employees. SpaceX has been successfully launched a reusable Falcon 9. Rockets can be reused, drastically reducing costs.
Tesla Motors
Musk looks at an assembly demonstration of a Tesla car in 2010
Musk showed the Tesla Model S to California Senator Dianne Feinstein in 2010
Musk is the co-founder and chief designer of Tesla Motors and led the design of the electric Tesla Roadster. he is interested in electric vehicles that began before Tesla was founded. A long time ago, he went to Stanford for a Ph.D. in applied physics and materials science, with the goal of developing supercapacitors that could provide enough energy for electric vehicles.
Tesla Motors’ first electric sports car, the Tesla Roadster, has sold more than 2,300 units in more than 31 countries. Tesla is expected to start production of its four-door sedan Model S in June 2012, and launch its third electric vehicle, Model X, on February 9, 2012, with the aim of developing the SUV/MPV car market. Model X production is scheduled to begin in 2014.
Tesla also supplies electric powertrains for the Daimler Smart EV and Mercedes-Benz A-Series, and electric systems for the Toyota RAV4. Musk has also managed to get two companies to serve as long-term investors in Tesla Motors.
Tesla is primarily responsible for the overall business strategy aimed at delivering affordable electric vehicles to mass-market consumers. As of March 2012, he had a 32% stake in Tesla worth $1 billion.
SolarCity
Musk proposed the initial concept of SolarCity, which was established in October 2008 as the company’s largest shareholder and director, with his cousin Lyndon Rive as CEO and co-founder.
SolarCity is a company specializing in the development of residential photovoltaic power generation projects, located in Foster City, California. Business Solar panel leasing, system design, installation as well as financing, construction supervision, and other comprehensive solar services. The company recently serves Five hunderd communities in Arizona, Oregon, and California. he is now leading the Solar City supplier of solar power systems in the United States.
The rental program proposed by SolarCity is a 20-year program that allows homeowners to rent a solar photovoltaic system to install on their own roofs with a fixed monthly fee starting at $55 and no down payment (Solar City is free to design and install) , to reduce household electricity bills.
In 2012, Musk announced that SolarCity and Tesla Motors would share electric vehicle battery technology to reduce the impact of rooftop solar panels on regional power grids. On December 4, 2013, SolarCity announced the launch of a smart energy storage system “SolarCity DemandLogic” using Tesla battery technology, which can store electricity to respond to demand during peak hours, thereby reducing energy costs, and at the same time in the event of a power outage. as a backup power source.
Hyperloop
On August 12, 2013, in order to express his disappointment with the approval of the California high-speed rail project, which is “in the forefront of the world in terms of construction cost, but ranked at the bottom of the speed”, Musk proposed a name for connecting the Los Angeles area and the San Francisco Bay Area. A new transportation concept for the “Hyperloop”. This is a hypothetical subsonic skytrain system that runs from Sylmar (a borough north of Los Angeles) to Hayward (east of San Francisco) for approx. miles (560 kilometers), which is even faster than commercial aircraft. The system is proposed to use a partial vacuum tube system to carry the capsule-type train, which greatly reduces the air resistance, so theoretically, the train can run at high speed with relatively low power. Because of its low power, it has been proposed to rely solely on solar energy to power the system.
If Musk’s plan is technically feasible, the “Hyperloop” would be cheaper than any other form of transportation. Musk has claimed that the total cost of the floating train system is estimated at $6 billion, but this estimate is currently controversial.