Tesla CEO Elon Musk has offered to buy 100 percent of Twitter for $54.20 per share in cash. Musk stated in a filing with the U.S. Securities and Exchange Commission on Thursday.
Musk stated in a filing with the U.S. Securities and Exchange Commission on Thursday that Twitter has “extraordinary potential” and he wants to unlock it.
He further said that: “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 needs for a functioning democracy. However, since making my investment, I now realize the company will neither thrive nor serve this societal needs 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 stockholder,”
CEO Parag Agrawal, who had welcomed Musk to the board, had announced Musk’s decision not to take up the offer. It came as a shocker when Musk refused to join the board five days after a much publicized welcome by Agrawal on Twitter.
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