Elon Musk has made an offer to acquire 100% of Twitter, only days after announcing his leaving from Twitter’s board of directors.
Elon Musk, who owns more than 9% of Twitter’s stock and is the company’s largest shareholder, sent the company a letter on Wednesday with a proposal to acquire the remaining shares of Twitter, according to a regulatory filing on Thursday. Musk made an offer of $54.20 per Twitter share.
“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.
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,” Musk said in a statement.“
On April 11, it is reported that Elon Musk will not join the board of directors of Twitter, nearly a week after a filing showed that the Tesla CEO had purchased a 9.2% stake in the $37 billion company.
“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board. I believe this is for the best,” Twitter CEO Parag Agrawal confirmed in a tweet.
“We were excited to collaborate and clear about the risks. We also believed that Elon as a fiduciary of the company where he, like all board members, has to act in the best interest of the company and all our shareholders, was the best path forward,” Agrawal stated.
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