Elon Musk offers to buy 100% of Twitter

Tesla chief executive officer and billionaire Elon Musk has offered to acquire a 100 per cent stake of social networking platform Twitter, according to a regulatory filing.

The offer price, which is valuing the common stock at $54.20 per share represents a 54 per cent premium over the closing price of Twitter’s stock on January 28, 2022, the trading day before Musk began investing in the company. It also represents a 38 per cent premium over the closing price of the common stock on April 1, the last trading day before Musk’s investment in the company was publicly announced.

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,” Musk said, in a note to Twitter’s chairman, that formed part of a filing to the US Securities and Exchange Commission.

“However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company. As a result, I am offering to buy 100 per cent of Twitter for $54.20 per share in cash, a 54 per cent premium over the day before I began investing in Twitter and a 38 per cent 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. “Twitter has extraordinary potential. I will unlock it.”

According to the filing, Musk has engaged Morgan Stanley as its financial advisor.

Musk had recently revealed that he had acquired a 9 per cent stake in Twitter.

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