He has promised to ‘unlock’ Twitter’s ‘extraordinary potential’
Elon Musk has offered to buy Twitter for $41.39bn, according to a filing with the Securities and Exchange Commission published Thursday.
The billionaire has offered $54.20 a share, which is a 38 percent premium of the company’s closing stock on April 1, the last trading day before his 9 percent investment in the company was publicly announced.
He has said the price of $54.20 a share is his “best and final offer.”
In a letter to Twitter chairman Bret Taylor, Musk wrote: “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.”
The news of his extraordinary bid comes just days after the Tesla founder rejected a seat on Twitter’s board.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
Had Musk joined the board, he would have been unable to acquire more than 14.9 percent of the company.
The move prompted speculation that further acquisition of shares was on the way, and this has proven to be the case in a very big way.
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