Elon Musk has made a “best and final” offer in another huge play to buy out Twitter Inc, citing that the social media company has great potentials which he will unlock.
According to the filing in the letter Elon Musk sent to Twitter Chairman Bret Taylor, the world’s richest man will pay $54.20 per share in cash and a value of about $43 billion. The social media company’s shares soared 18%.
Here was as disclosed in a securities filing:
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.