Tesla billionaire Elon Musk has offered to buy Twitter for $41.4 billion, according to a Securities and Exchange Commission (SEC) memo released Thursday. Musk also explained in his memo that he thought Twitter should be a private company, and he decided he wanted to “buy the company and make it private.”
Elon Musk proposes to buy Twitter – Musk believes that “free speech is a societal imperative.”
In the first week of April, Bitcoin.com News reported on Elon Musk’s acquisition of a stake in Twitter, and at the time, analysts said it could lead to a buyout of the company. After acquiring 9.2% of Twitter Inc.’s stock, Musk promised that he would make significant improvements to the social media platform. The billionaire is also thinking of integrating dogecoin (DOGE) payments into Twitter so that they can become a means of paying for subscriptions to the Twitter Blue service.
I made an offer https://t.co/VvreuPMeLu
– Elon Musk (@elonmusk) April 14, 2022
Now, ten days later, Musk is offering to buy Twitter Inc. for $41.4 billion in a recent SEC filing released Thursday. The letter is addressed to Bret Taylor, chairman of Twitter’s board of directors, and Musk stressed that he believes he can unlock the potential of the social media platform.
“I invested in Twitter because I believe in its potential to be a platform for free speech around the world, and I believe that free speech is a societal imperative for a functioning democracy,” Musk said in his letter. “However, after I made my investment, I realized that the company would neither thrive nor serve that societal imperative in its current form.”
The Tesla executive continued:
Twitter needs to be transformed [into] a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, which is 54% more than the day before I started investing in Twitter and 38% more than the day before my investment was publicly announced. My offer is my best and final offer, and if it is not accepted, I will have to reconsider my position as a shareholder. Twitter has extraordinary potential. I will disclose it.
Musk’s offer to buy Twitter is his “best and final” offer
In addition to the letter, Musk left the company a voicemail about the possibility of buying Twitter. He said he had spent several days thinking about it and decided he “wanted to buy the company and take it private.” Musk also asked if Bret Taylor was “available to communicate,” and said the offer was his “best and final.”
“I don’t play the back and forth game,” Musk added. “I cut right to the chase. It’s a high price, and your shareholders will like it. If the deal doesn’t go through, given that I have no confidence in management and I don’t believe I can make the necessary changes in the public market, I will have to reconsider my position as a shareholder. It’s not a threat, it’s just not a good investment without the changes that need to be made. And those changes won’t happen without taking the company private. My advisors and my team are available to answer any questions after you get the letter.”
Of course, Democrats didn’t like Musk’s proposal at all, and some of them even called it a “threat.” Left-liberal Greg Sargent said: “Now that Musk is threatening to take over Twitter, don’t forget that he relied on government to make his dreams come true, but then stooped to the worst kind of anti-government demagoguery when Democrats wanted to tax billionaires and help millions more.” Democrat Lindsey Boylan remarked: “It alarms me how few people know that Elon Musk is funded by the same government he belittles and undermines.”
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