Elon Musk Proposes To Buy 100% Of Twitter

Tesla CEO, Elon Musk has announced his decision to buy 100 Percent of Twitter offering $54.20 per share in cash in an updated 13D filed Thursday with the SEC.

Musk who is currently the richest man in the world worth over $265 billion, said that Twitter must go private to undergo changes that need to be made in a letter delivered on April 13 "acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.” 

Musk said in a letter sent to Twitter Chairman Bret Taylor “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,” Twitter has extraordinary potential. I will unlock it.”

“I would need to reconsider my position as a shareholder,” says Musk if his offer is not accepted.

Twitter confirmed receipt of Musk's offer, noting in a press release that its "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.”

Full Text Of The Letter Sent By Elon Musk To o Twitter:

Bret Taylor

Chairman of the Board,

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 into 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.

Elon Musk