Now, Elon Musk offers to buy Twitter for $41 bn; company responds 'carefully'
Days after rejecting a seat on Twitter’s board of directors, Tesla CEO Elon Musk on Thursday (April 14) said he has offered to buy the social media company for $41 billion, at $54.20 per share.
In a US financial regulatory filing, Musk offered to buy 100% of Twitter. Musk, on his Twitter account, shared the updated 13D regulatory filing filed in the United States Securities and Exchange Commission (USSEC). He captioned it, “I made an offer.”
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
Musk, who is Twitter’s biggest shareholder with more than a 9% stake, made the offer on Wednesday (April 13) in a letter to the chairman of Twitter. He also added that if bid is not accepted, he would “reconsider” his position as a shareholder of the company.
Also read: ‘Game of Thrones’: How Musk-Twitter war could get worse in coming days
“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,” Musk said in a letter to Twitter Chairman Bret Taylor.
“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,” he added.
In a statement, Twitter said it will “carefully review” the offer. “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 has been critical of Twitter and recently had asked on the same platform, “Is Twitter dying?” Last month, he ran a Twitter poll asking whether the site adheres to principles of free speech. “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?”
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
On Monday (April 11), Twitter CEO Parag Agrawal had said that Musk had decided not to join the company’s board.
In a note sent to the employees, Agrawal said the company was open to Musk’s “input” and had also warned the staff of “distractions ahead”.
“We have and will always value input from our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his input. There will be distractions ahead, but our goals and priorities remain unchanged,” Agrawal had said.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
