Elon Musk has now made a bid to buy Twitter in an SEC filing. So the Twitter-Elon Musk saga is far from ended. The billionaire has stated that he is willing to acquire the entire company for $54.20 per share. The offer would be all cash and valued the social network at $43.4 billion.
On his Twitter account, Musk provided a link to the SEC filing. He stated, “I made an offer.” Twitter hasn’t publicly responded to the purchase offer yet.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
“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,” Elon Musk wrote in an email to Bret Taylor, Twitter’s chairman of the board (and Salesforce co-chief executive). In today’s SEC filing, the email is reproduced. “However, since making my investment, I’ve come to recognize that the company, in its current form, can neither prosper nor serve this societal necessity.” Twitter should be turned into a private firm.”
Elon Musk willing to fight for Free Speech
“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,” he added.
Moreover, Twitter shares are currently trading at $50.97 a share in pre-market trading, up 11.97 percent from yesterday’s closing price. Since November 4th, 2021, Twitter shares have been trading below $54.20. Twitter’s stock was trading above $60 in October.
The next day, Twitter announced that Elon Musk, the entrepreneur most known for his work at Tesla and SpaceX, would join its board of directors. Musk wouldn’t be permitted to own more than 14.9 percent of the firm as a board member.
However, Twitter’s CEO, Parag Agrawal, later revealed a big change of heart. Musk informed the corporation that he would not be joining the board of directors. There has been a lot of speculation about Musk’s next move since then.
Many speculated that after resigning from the board of directors, the billionaire would launch a hostile takeover. Musk is currently the wealthiest person in the planet. He is currently worth $273.6 billion, according to Forbes. Musk would be making a large investment if he bought Twitter, but it is possible.