Elon Musk Has Offered To Buy Twitter
One of the world’s richest men delivered a letter to the company on Wednesday with a proposal to acquire all outstanding shares of Twitter for $54.20 each, according to a filing with the Securities and Exchange Commission.
The letter amounts to an offer to take Twitter private, a move that would give Musk near-total control of the company.
“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,” Musk wrote in a letter to Twitter’s chairman, Bret Taylor, that was included in the SEC filing.
“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,” Musk added.
According to NBC News, Musk said he offers to buy all of Twitter.
“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,” Musk wrote. “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,” Musk added. “I will unlock it.”
More details later.