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Elon Musk offers to buy Twitter for $41 billion

14 April 2022 0

Elon Musk, CEO of Tesla and SpaceX among other companies, has proposed to acquire all of Twitter with the intention of transforming it. His SEC filing letter reveals that he values the popular social media platform at about $41 billion. He has further described it as his "best and final" offer for the deal.

The letter is directed to Bret Taylor, Chairman of the Board at Twitter. Musk says he wants to buy 100% of Twitter for $54.20 per share in cash. The interesting bit is that he has talked about reconsidering his position as a shareholder in the company if his offer is not accepted. Musk is currently the biggest shareholder in Twitter with a 9% share that he bought earlier this month.

It was at that time when Twitter announced that Musk would also be joining the board but eventually, he did not do so. These incidents led to speculations about whether he would actually be buying the whole company. The letter reveals that Musk believes Twitter needs to be private if it wishes to unlock its extraordinary potential.

Here is the letter from Musk:

"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 is yet to comment on the proposal from Musk. We can expect an official statement or at least the board's stance on the offer in the coming days. We will keep you posted as more details will emerge.


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