Elon Musk Offers to Buy 100 Percent of Twitter
“I made an offer,” Elon Musk shared about offering to buy 100% of Twitter’s shares. The CEO of Tesla offered to pay $54.20 per share in cash. In his letter to Bret Taylor, chairman of the board of Twitter, Musk wrote…
“I made an offer,” Elon Musk shared about offering to buy 100% of Twitter’s shares.
The CEO of Tesla offered to pay $54.20 per share in cash.
In his letter to Bret Taylor, chairman of the board of Twitter, 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.”
He continued, “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,” Musk wrote.
This offer values Twitter at roughly $43 billion, per CNBC.
The company wrote in a statement, “The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
Musk took a large stake in Twitter and was expected to join Twitter’s board of directors.
However, it was announced this week that he would no longer join the board.
“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best,” Twitter CEO Parag Agrawal announced on Sunday.
It was reported that Twitter employees were in a panic over the idea of Musk taking over control of the company.
Musk previously posted a poll on Twitter, where he wrote, “Free speech is essential to a functioning democracy.”
He asked, “Do you believe Twitter rigorously adheres to this principle?”
Roughly 70% of the respondents answered they do not believe Twitter “rigorously adheres to this principle.”