Tesla billionaire Elon Musk has offered to buy 100 percent of Twitter for $43 billion in a bid to make the company private in order to see ‘effective changes’.
Musk’s offer comes following his rejection to join Twitter’s board earlier this week after disclosing his $2.9 billion stake in the company.
“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,” Musk said in a letter to Twitter chairman Bret Taylor.
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“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk added.
This huge offer is on the basis of $54.20 per share, which was disclosed in a regulatory filing on Thursday by the US Securities and Exchange Commission.
Twitter has not commented further on this offer.
At the time of writing, the billionaire has 80 million followers on Twitter since joining in 2009, and has successfully used the platform to make several announcements for Tesla, SpaceX and other ventures he is involved in.
Elon Musk’s full letter to 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.
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.
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