After purchasing 9.2% of Twitter share earlier this month, the CEO of Tesla and SpaceX, Elon Musk has offered to buy all of Twitter. According to reports, Musk is offering to buy the social media platform, for $54.20 per share that is valued at $43 billion. This is coming after the Telsa boss decided not to join the Twitter’s board after he was offered.
According to the letter from Elon Must to Bret Taylor, Chairman of the Twitter Board, filed at the SEC, he said:
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.
He said that “If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.”
It could be recalled earlier this month, Musk purchased 9.2% of the company and was offered to join the Twitter’s board. He rejected the position and instead, offered to buy the company.