Tesla CEO Elon Musk has made an offer to buy Twitter outright for $43 billion.
Earlier this month, Musk revealed that he had taken a 9.2% stake in the company. He was offered a deal to join Twitter's board of directors if he would limit his ownership to 14.9%. Initially, Musk took the deal but then decided against it at the last minute.
In a new filing with the SEC, Musk offers to acquire the entire company, saying Twitter will not thrive in its current form.
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Bret Taylor
Chairman of the Board,
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.
/s/ Elon Musk
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Twitter has confirmed the receipt of Musk's offer and is reviewing the proposal.
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Twitter, Inc. today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company's outstanding common stock for $54.20 per share in cash.
The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.
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TWTR is up around 2.5% today. Please download the iClarified app or follow iClarified on Twitter, Facebook, YouTube, and RSS for more updates.
Earlier this month, Musk revealed that he had taken a 9.2% stake in the company. He was offered a deal to join Twitter's board of directors if he would limit his ownership to 14.9%. Initially, Musk took the deal but then decided against it at the last minute.
In a new filing with the SEC, Musk offers to acquire the entire company, saying Twitter will not thrive in its current form.
-----
Bret Taylor
Chairman of the Board,
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.
/s/ Elon Musk
-----
Twitter has confirmed the receipt of Musk's offer and is reviewing the proposal.
---
Twitter, Inc. today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company's outstanding common stock for $54.20 per share in cash.
The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.
---
TWTR is up around 2.5% today. Please download the iClarified app or follow iClarified on Twitter, Facebook, YouTube, and RSS for more updates.