The micro-blogging site Twitter has sought the help of a protection bill by resorting to the law for its sale after being offered a purchase by the world’s richest man Elon Musk.
According to Reuters, after Elon Musk’s heavy offer, Twitter company adopted a bill protecting shareholders under US law to stop the sale of its shares in the stock market, after which the company’s shares Cannot be purchased.
Elon Musk, two days ago, valued the entire company at $55 billion per share of Twitter and announced that he wanted to buy Twitter.
The company adopted a security bill after the world’s richest man and the world’s richest man with a fortune of $225 billion announced the purchase of Twitter, under which no one can buy all the shares of Twitter at once.
Elon Musk, in his tweet two days ago, told Twitter’s shareholders that he was offering them a very good amount of money.
At the same time, Elon Musk did not make it clear that he did not think he would be able to buy Twitter, but he did say that if he could not buy Twitter, he would sell all his shares of Twitter.
Elon Musk’s announcement that he would buy Twitter for $41 billion raised concerns among other major shareholders and the board of directors, which led to the company adopting a legal bill, which Under no one can buy all the shares of Twitter at once.
Elon Musk also joined Twitter’s board of directors on April 5 this month, as he is still Twitter’s largest shareholder.
Musk was part of the board of directors at a time when he had just bought two of Twitter’s largest shares, about 10 percent.
Elon Musk has been the most criticized person on Twitter for the past few months and people have been demanding him to come up with a new social media platform compared to Twitter.
Elon Musk also hinted that he might introduce social media platforms, and now he has upset Twitter’s shareholders and board of directors by expressing a desire to buy Twitter.
Elon Musk wants big changes on Twitter, calling it a politically biased platform