Elon Musk has offered to purchase Twitter for $43 billion in cash as the world’s richest man amped up his standoff with the influential …
Elon Musk has offered to purchase Twitter for $43 billion in cash as the world’s richest man amped up his standoff with the influential social media network. Musk, who already owns more than 9% of Twitter, said in a securities filing Wednesday that he would pay $54.20 per share of the company, a 54% premium to Twitter’s stock price before he started accumulating shares in January. The offer, however, represents an 18% premium to Wednesday’s closing price. Calling the offer “best and final,” Musk said he wanted to transform the company, a process he could accomplish if Twitter was taken 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 the filing, directed to Twitter Chairman Bret Taylor. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.” Musk, who has an estimated fortune of more than $250 billion, shared the news in a terse tweet, saying simply, “I made an offer.” He also linked to the Securities and Exchange Commission filing. The audacious offer is the latest twist in the continuing soap opera between Musk and Twitter. A week and a half ago, Musk was on the verge of joining Twitter’s board of directors, an appointment that required him to cap any investment in the company at 14.9% of outstanding shares. By April 9, the day he was supposed to join the board, Musk had turned down the position. In a press release, Twitter confirmed receiving the offer, which it said it would study. The buyout proposal was front and center in a live interview Musk gave to the TED conference in Vancouver earlier today.
