New York: Billionaire Tesla CEO Elon Musk has offered to buy 100 percent of Twitter for $54.20 per share in cash.
Musk stated in a filing with the U.S. Securities and Exchange Commission on Thursday that Twitter has “ extraordinary potential” and he wants to unlock it.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
Musk rejected an offer to join Twitter’s board earlier this week after disclosing his stake in the company, a move which analysts said signaled his intention to take over the company as a board seat would have limited his stake to just under 15%.
“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,” Musk said in the SEC filings.
“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,” Musk said in a letter to Twitter Chairman Bret Taylor.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk added.
