On April 14, 2022, Elon Musk, CEO of Tesla, has offered to buy Twitter for $54.20 per share which equals roughly 43 billion dollars. The Board of Directors have not given their answer yet.
Previous Share Bought
Earlier in March, Elon Musk bought 9.2% of Twitter stocks. Shortly thereafter, the company gave him an offer of being on the board of directors; Musk declined.
Musk Wants Twitter
On Thursday, April 14, 2022, Musk sent a letter to Twitter Chairman Bret Taylor saying that he would buy 100% of Twitter for $54.20 per share. That added all up, it would be roughly 43 billion dollars.
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. [1]
Speech Is Essential
Musk said that one of the reasons he first invested in Twitter was because of the platform for free speech.
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. [2]
Twitter’s Response
Twitter confirmed that they had gotten Elon Musk’s letter and that they would consider what was best for the shareholders.
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. [3]
Notes:
- ^https://dailycaller.com/2022/04/14/elon-musk-offers-to-buy-twitter-for-more-than-40-billion/ (go back ↩)
- ^https://finance.yahoo.com/news/elon-musk-offers-to-buy-100-of-twitter-for-54-a-share-105023351.html?guccounter=1 (go back ↩)
- ^https://www.engadget.com/elon-musk-offers-to-buy-twitter-for-43-billion-104642696.html?src=rss (go back ↩)
