Photo: Twitter / Elon Musk
The entire world encourages you to follow your dreams and passions. And one of Elon Musk’s hobbies is spending time on Twitter, announcing new Tesla/ SpaceX stuff, or just being random. Since he's just become a major stakeholder, he now decided to offer to buy Twitter for the "modest" sum of $43.4 billion.
Elon Musk is all about free speech, and this is partly what Twitter offers... With some restraints, of course. But the Tesla CEO wants to get rid of all of them and has been buying shares of Twitter since late January, spending $2.6 billion on them. That helped him accumulate a majority of 9.2% stakes in the social media company.
After he disclosed that information, the CEO of Tesla and SpaceX accepted the offer of a seat on the board of the company, but he soon retracted the response.
Now he just took it to Twitter (of course), to reveal his intention to purchase the social media company and sent a beneficial ownership filing to the Securities and Exchange Commission (SEC), where he offered to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the company at $43.4 billion.
Since the news of his involvement with Twitter, the shares soared 27% in early trading.
Musk said the cash offer was his "best and final offer," according to the SEC filing. He also added that, if it's not accepted, he would have to reconsider his position as a shareholder.
The Tesla CEO sent an offer letter to the company Wednesday night, according to the filing, where he talks about making Twitter go private.
"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," he said in a letter he sent to Twitter. "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."
The letter, addressed to Bret Taylor, the chair of the Twitter board, ended with: “Twitter has extraordinary potential. I will unlock it.”
After he disclosed that information, the CEO of Tesla and SpaceX accepted the offer of a seat on the board of the company, but he soon retracted the response.
Now he just took it to Twitter (of course), to reveal his intention to purchase the social media company and sent a beneficial ownership filing to the Securities and Exchange Commission (SEC), where he offered to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the company at $43.4 billion.
Since the news of his involvement with Twitter, the shares soared 27% in early trading.
Musk said the cash offer was his "best and final offer," according to the SEC filing. He also added that, if it's not accepted, he would have to reconsider his position as a shareholder.
The Tesla CEO sent an offer letter to the company Wednesday night, according to the filing, where he talks about making Twitter go private.
"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," he said in a letter he sent to Twitter. "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."
The letter, addressed to Bret Taylor, the chair of the Twitter board, ended with: “Twitter has extraordinary potential. I will unlock it.”
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
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