Elon Musk offers to buy Twitter for $54.20 a share, so it can be ‘transformed as private company’

Elon Musk offers to buy Twitter for $54.20 a share, so it can be ‘transformed as private company’

Tesla Inc CEO Elon Musk attends the World Artificial Intelligence Conference (WAIC) in Shanghai, China August 29, 2019.Aly Song | ReutersThis is breaking news. Please check back for updates.Elon Musk offered to buy Twitter for $54.20 a share, saying the social media company needs to be transformed privately, a little over a week after first revealing a 9.2% stake in the company.”I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote in a letter sent to Twitter Chairman Bret Taylor and disclosed in a securities filing.According to Musk, the social media company needs to go private because it can “neither thrive nor serve” free speech in its current state. “As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced,” he wrote. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”Twitter shares jumped 12% in premarket trading after closing at $45.85 a share on Wednesday. Musk first disclosed his stake in the social media giant on April 4 and later landed a seat on the company’s board of directors, before reversing those plans. The Tesla CEO has previously criticized the social media giant publicly. He polled people on Twitter last month about whether the company abides by free speech principles and said he was considering building a new social media platform.Shares of Twitter have seesawed in recent weeks amid the news from Musk, but are up 6% this year and 18.5% since the start of the month. Musk’s offer values Twitter at about $43 billion.Here is the letter Musk sent as disclosed in a securities filing:I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.Twitter has extraordinary potential. I will unlock it.Elon Musk .

FIRST ALERT for premium napping weather on President’s Day!

FIRST ALERT for premium napping weather on President’s Day!

BIRMINGHAM, Ala. (WBRC) – The spring-like, Sunday sunshine comes to an unfortunate close as clouds move back in this evening ahead of a transition to a more unsettled pattern– our Next Big Thing– for the coming week. Dominant southerly flow in the atmosphere with high pressure to our east over the Atlantic will help to pull in Gulf moisture throughout the week, contributing to our elevated rain chances. For tonight, temperatures will not run quite as chilly with lows only in the 40s by Monday morning. President’s Day will start off with a mostly cloudy sky and by mid-morning, showers will move in from the southwest and lift northeast throughout the day. For the week ahead, tomorrow should be the day with the most widespread rain coverage, particularly during the late morning and afternoon hours. Showers should gradually taper off through Monday evening. Mainly cloudy skies will moderate temperatures in the low 60s for Monday afternoon, but will surge into the 70s on Tuesday and Thursday. For Wednesday, highs will stay in the 60s as a cold front brings a meager dose of slightly cooler air.FIRST ALERT for premium napping weather on President's Day!FIRST ALERT for premium napping weather on President’s Day!(WBRC)Ahead of this cold front, we have a First Alert for a few strong to severe storms possible Tuesday afternoon into the evening hours, mainly north west of I-20/59. Right now, the Storm Prediction Center has a Level 1 & 2 out of 5 risk in place across our area with the better ingredients for more robust storms well to the northwest of us. Some of our high resolution model data is beginning to suggest the possibility of discrete, rotating thunderstorms (AKA supercells) developing across west Alabama late Tuesday afternoon. These types of storms are capable of producing hail and tornadoes. Most of Tuesday will likely be rain-free. If we manage to get some sunshine to break through the cloud cover, that could help temperatures to surge well into the 70s. Coupled with muggy air lifting northward from the Gulf and decent wind shear in the atmosphere, it is not out of the question that we could get at least a few strong to severe storms into Tuesday evening. As always, stay up to date on the WBRC First Alert Weather app! Breezy conditions will be in place regardless on Tuesday with south winds bringing in a surge of warm and humid air across central Alabama. Any showers and storms will come to an end after Wednesday morning, and we may even manage some breaks of sunshine into the afternoon. Expect partly sunny to mostly cloudy skies Tuesday through Thursday with off-and-on waves of rain and storms possible; no day looks like a washout at this time. By the end of the work week, some spots could receive a good 1-2″ of rain, especially across northwest Alabama. But the axis of heaviest rain still looks to set-up farther to the north and west of us, so don’t be surprised to see lower totals farther south.The final round of rain should move through Thursday night into Friday morning, bringing showers and a few rumbles of thunder as the cold front that stalled out over our area earlier in the week finally progresses southward. Temperatures will start off mild on Friday, but turn chillier by the evening hours. We have 30s back in the forecast over the weekend with highs below average in the low to mid 50s. If you’re hoping for some dry sunshine this weekend, there is some uncertainty on whether the wetter pattern will completely end by then. For now, we have a 20% coverage of showers on Saturday and Sunday under a partly sunny sky.CLICK HERE TO GET THE WBRC FOX6 NEWS APPSubscribe to our WBRC newsletter and receive the latest local news and weather straight to your email.Copyright 2022 WBRC. All rights reserved. .