SAN FRANCISCO, California — Multibillionaire Elon Musk announced his offer to buy the popular social media site Twitter.
The offer follows Musk’s recent announcement that he had become the social media giant’s largest single shareholder.
According to reports, the Tesla CEO offered to purchase the company for $54.20 per share in cash which equates to nearly $43 billion.
Musk told media representatives that the company “needs to be transformed,” and that his offer was his “best and final.”
Embed from Getty ImagesIn a letter to Twitter Chairman of the Board Bret Taylor, Musk 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.”
Twitter, in response to Elon Musk’s bid to take over the company, said, “Twitter, Inc. today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash. 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.”
