Twitter has extraordinary potential; I will unlock it’ Musk says
Billionaire Elon Musk has made a bid to acquire 100% of Twitter (NYSE: TWTR) for $54.20 per share in cash., according to the Securities and Exchange Commission filing on Thursday.
Musk said in a letter to Twitter Chairman Bret Taylor, which he later revealed in a regulatory filing that the offer is to take Twitter private, giving Musk more control over the firm.
“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,” Musk wrote in a letter.
“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,” he wrote.
The offer represents an 18% premium over Twitter’s last closing price. “It’s 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,” Musk said.
“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,” Musk said. “I will unlock it.”
Picture Credits: Reuters