On Wednesday evening, Tesla and SpaceX CEO Elon Musk has offered to buy 100% of Twitter, in what would amount to a $40 billion ($54.20 per/share) deal.
According to Bloomberg News, “Elon Musk has offered to buy Twitter for $54.20 per share in cash, according to an updated 13D filing.”
AFter making the offer, Musk Tweeted:
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
Musk offered to “acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.”
In a letter to Twitter Chairman Bret Taylor, Musk noted his intention of Twitter being “the platform for free speech around the globe.” He went on to say, “I believe free speech is a societal imperative for a functioning democracy.” Musk also said, “this is his “best and final offer.”
Bret Taylor
Chairman of the Board,
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.
/S/ Elon Musk
Currently, Musks’ wealth is estimated to stand at around $260 billion, while Twitter is valued at $37 billion.
