Elon Musk offers to buy Twitter for $43 billion, so it can be ‘transformed as private company’

News

Products You May Like

In this article

Tesla Inc CEO Elon Musk attends the World Artificial Intelligence Conference (WAIC) in Shanghai, China August 29, 2019.
Aly Song | Reuters

This is breaking news. Please check back for updates.

Elon Musk offered to buy Twitter for $54.20 a share, saying the social media company need to be transformed privately.

Twitter shares jumped 12% in premarket trading after closing at $45.85 a share on Wednesday.

Here was the letter Musk sent to Twitter Chairman Bret Taylor, as disclosed in a securities filing:

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.

Elon Musk

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *