Elon Musk has made a “best and last” offer to purchase Twitter Inc., claiming that the company has enormous potential that he will actualize.
The world’s richest Elon Musk will pay $54.20 per share in cash, a 54 percent premium over the closing price on January 28 and a total value of $43 billion. The stock of the social media business increased by 18%.
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According to a securities filing, Musk wrote the following letter to Twitter Chairman Bret Taylor:
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.
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.
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.
Twitter has extraordinary potential. I will unlock it.