Fans of Disney Parks and The Walt Disney Company may soon get their Disney news thanks to the efforts of .
is the CEO and product architect of Tesla. He is also the founder, CEO, and chief engineer at SpaceX and the founder of The Boring Company. But apparently, Musk doesn’t have quite enough to do with his time.
has offered to purchase outright for $43 billion. According to the San Diego Union-Tribune, in a regulatory filing, , Inc. said that Musk is currently ‘s single biggest individual shareholder. As such, he has offered to purchase all remaining shares at $54.20 per , bringing the total to more than $40 billion.
According to the , “needs to be transformed,” based on his perspective as a self-proclaimed free speech absolutist.
Musk said the offer is his best and his final, but he gave no details about financing. Musk’s offer to is non-binding and subject to other conditions as well.
“I invested in as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a for a ,” Musk said in the filing. “However, since making my investment, I now realize the company will neither thrive nor serve this in its current form. needs to be transformed as a .”
were up 4.3% to $47.83 per , but still well below Musk’s offer of $54.20 per , and far from its 52-week high of about $73 per .
But according to The Hollywood Reporter, was sued on Tuesday, two days before he made an offer to buy the outright. The entrepreneur-turned-billionaire has been sued by investors who sold their shares before notified financial regulators that he had grabbed up a huge stake in the company.
His disclosure came 11 days late, and investors claim that his failure to that information in a timely manner saved him approximately $143 million while costing them potential profits: when the value of soared because of the news of ‘s massive purchase, some investors had already sold.
“Defendant had the obligation, ability, and opportunity to prevent the issuance of the false statements and omissions alleged herein,” reads the proposed class action filed Tuesday in federal court. “Because of his position as a 5% owner in , and access to material non-public information available to himself but not to the public, Defendant knew that the adverse facts specified herein had not been disclosed to and were being concealed from the public and that the omissions being made were false and misleading.”
has said it has received the offer presented by and will make its decision based on the best interests of its shareholders. According to recent regulatory filings, Musk has been purchasing shares of in near-daily batches beginning on the last day of January 2022, leaving him with a 9% stake in the company.
The class-action suit being levied against alleges that he was intentionally tardy in his declarations so that he could buy more stock at lower prices.
Chester Spatt, a former SEC chief economist, says “This is going to play out reasonably quickly,” adding that the SEC “weighs in after the fact for the most part.”
The news of Musk’s offer to buy has led to warn employees that “there will be distractions ahead.” Agrawal asked employees to “tune out the noise and stay focused on the work.”
The Walt Disney Company’s entities and properties have a strong presence on the . Disney Parks’ has more than 2.1 million followers and shares daily news and inspiration from Disney Parks around the world so Guests and fans can always be right in the middle of the magic.
It remains to be seen what an Elon Musk-owned Twitter would change, if anything, about how Disney fans get their Disney news from the platform, especially as Musk is uber-vocal about free speech.