Elon Musk has made a “best and final offer” to purchase 100% of Twitter in order to rescue the social media giant as a “platform for free speech around the globe.”
In an updated filing, Musk has offered to purchase Twitter for $54.20 per share in cash, an amount that puts the value of the company at around $43 billion.
Musk asserted in the filing that if the offer was declined he would “reconsider my position as a shareholder,” meaning he would dispose of his stake.
In a letter sent to Chairman of the Board Bret Taylor, Musk made clear that his intention was to rescue Twitter and return it to its original role as being an uncensored free speech platform for the world.
Here’s the letter in full;
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.
-Elon Musk
According to Vital Knowledge’s Adam Crisafulli, Musk’s offer is “too low” for shareholders or the board to accept.
However, the offer is likely to send blue checkmark journalists and far-left activists into hysterics, given that they have largely turned Twitter into a platform that buries and ring fences free speech rather than facilitates it.
Shares in Twitter spiked by around 18% after news of the offer emerged.
Elon Musk went from:
1. teasing changes to twitter over a poll
2. buying a 9.2% stake
3. accepting then declining a board seat
4. getting sued by twitter shareholders over delayed disclosure
5. offering to buy ALL of twitter
in just a few weeks. absolute rollercoaster
— litquidity (@litcapital) April 14, 2022
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