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

WASHINGTON (UrduPoint News / Sputnik - 15th April, 2022) Entrepreneur Elon Musk said that letting the Twitter board of directors decide whether to accept his offer to purchase 100% of the social media company's shares instead of putting the decision to a vote by shareholders would be indefensible.

Earlier on Thursday, Musk filed an offer with the US Securities and Exchange Commission (SEC) to purchase 100% of Twitter for $54.20 per share, valuing the company at $43 billion. Musk is currently Twitter's second largest shareholder, having purchased 9.2% of the company earlier in April. Only Vanguard owns a larger percentage at 10.29%, according to an April 8 SEC filing.

"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 said via Twitter on Thursday in response to a question whether a rejection by the company's board of directors would be in opposition to the financial interests of the shareholders.

Musk said during a TED Talk forum that there is an alternative plan to take over the company if his offer is rejected. However, he also expressed doubts about whether he will be able to complete the acquisition.

Musk appeared at the event after Twitter's substantial shareholder Prince Alwaleed of Saudi Arabia said he was rejecting the takeover bid, which he said undervalued the company and its potential.

As one of Twitter's most-prolific users, Musk said his main concern is with the platform's overreach in moderating content and censorship. n March, he tweeted out a poll that asked Twitter users whether the site adhered to the principle 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 said. "What should be done?" He subsequently declared himself a "free speech absolutist."