Twitter has responded to Elon Musk after the tech entrepreneur made a staggering $41.39 billion offer to buy the entire company, take it private, and “unlock its potential.”
Musk made the huge offer, which is far above its current value, arguing he believes the only way to beat the social media platform’s censorship is to take over 100% of the company.
Musk offered $54.20 per share in cash to buy the remaining shares of the company after already buying 9.2%.
Musk’s price represents a 38 percent premium to the closing price of Twitter’s stock on April 1, the last trading day before the Tesla CEO said he bought a 9.2 percent stake in the company.
Twitter has now acknowledged they received Musk’s offer, saying in a statement: “Twitter, Inc today confirmed 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.
“The Twitter 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.”
Musk wrote in a letter to Bret Taylor, chairman of Twitter’s board of directors, that was included in the SEC 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,” he wrote.
Our press release this morning:https://t.co/XoC4UXrZ6P
— Twitter Investor Relations (@TwitterIR) April 14, 2022
JUST IN – Elon Musk has made an offer to buy Twitter and says the platform needs to be transformed into a private business to thrive again. pic.twitter.com/pXvFnzXSm5
— Disclose.tv (@disclosetv) April 14, 2022
MORE – In the past, many on Twitter used to say “it’s a private company, they can do whatever they want.” Elon Musk now seems to take this saying to the next level.
SEC filing: https://t.co/UuMy1jpAgc
— Disclose.tv (@disclosetv) April 14, 2022
BREAKING: Elon Musk offers to buy Twitter for $54.20 per share in cash https://t.co/7wc3r4s7kG pic.twitter.com/sJcxjUOs9O
— Bloomberg (@business) April 14, 2022
