Elon Musk wants to buy Twitter for $43 billion – Read his statement, plus Twitter’s response
Elon Musk made a huge offer to buy Twitter, in part because he thinks the social media platform “needs to be turned into a private company”.
The move comes just days after Musk became Twitter’s largest shareholder. He even intended to join Twitter’s board of directors, but reversed that decision and ended up being sued by shareholders.
Now, in a filing on Thursday April 14, he announced his plan. He wants to “buy 100% of Twitter for $54.20 per share in cash.” That would be $43 billion. Musk is said to be worth around $260 billion.
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“I invested in Twitter because I believe in its potential to be the platform for free speech worldwide, and I believe that free speech is a societal imperative for a functioning democracy” , Elon said in his letter to Bret Taylor, Chairman of the Board. “However, since making my investment, I now realize that the business will not thrive or serve this societal imperative in its current form. Twitter needs to be transformed into a private enterprise.
He continued, “As a result, I offer to buy 100% of Twitter for $54.20 per share in cash, a premium of 54% from the day before we started investing in Twitter and a premium of 38% per share. report on the eve of my investment was made public. announcement. My offer is my best and last offer and if it is not accepted, I will have to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.
“Twitter, Inc. (NYSE: TWTR) today confirmed that 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,” said a company representative in response. “Twitter’s Board of Directors will carefully consider the proposal to determine a course of action that it believes is in the best interests of the company and all Twitter shareholders.”