Elon Musk is looking to buy Twitter for $43 Billion valuation and plans to take the social media and “unlock” its “extraordinary potential.”
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
Tesla’s CEO delivered a letter to Twitter on Wednesday proposing to acquire the company’s remaining shares at $54.20 a piece which is above the closing price of $45.86.
“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 to Twitter board chairman Bret Taylor included in the SEC filing.
Twitter board members said they would review Musk’s proposal with a response that would be in the best interest of “all Twitter stakeholders.”
Elon just acquired 9.1% stake in the company mid-March and agreed to join the company’s board of directors.
“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 said in his 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.”
“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” he added.
