Tesla CEO Elon Musk has offered to buy Twitter, a company of which he is already the largest shareholder. The offer stands at $ 41 billion, or $ 54.20 per share. The offer can be difficult for Twitter management and its shareholders to reject.
In a letter to the SEC, Musk threatened to sell his existing shares if his purchase was not approved – something that would see Twitter’s share price plummet.
I have invested in Twitter because I believe in the potential to be a global platform for free speech, and I believe that freedom of speech is a social imperative for an effective democracy.
However, since my investment I have now realized that the company will not enrich or serve this social necessity in its current form. Twitter needs to be transformed into a private company.
As a result, I’m offering 100% cash on Twitter at $ 54.20 per share, a 54% premium the day before I started investing on Twitter and a 38% premium from the day before I publicly announced my investment. My proposal is my best and final proposal and if it is not accepted, I will have to reconsider my position as a shareholder.
Twitter has tremendous potential. I’ll unlock it.
It remains to be seen whether Musk will be able to “unlock” the potential of Twitter, but the real question is whether Twitter will reject the offer without losing its share price and without going into hot water with its existing shareholders.
Twitter has confirmed that it has indeed received the offer and will “carefully review the offer”.
Twitter, Inc. (NYSE: TWTR) confirmed today that it has received an unsolicited, non-binding offer from Elon Musk to acquire all outstanding general stock of the company for .20 54.20 per share in cash.
The Twitter Board of Directors will carefully review the proposal to determine what steps it believes are in the best interests of the company and all Twitter stockholders.
Musk had previously set out to become a member of the Twitter board after buying his previous 2.9 billion stake, which he finally decided – perhaps to allow him to make today’s offer.
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