Tesla’s CEO, Elon Musk wants to add Twitter to his growing investment list.
Elon Musk, who is looking to expand his investment portfolio into social media companies has made an offer to purchase Twitter.
Musk tweeted, “I made an offer” with a link to a United States Securities and Exchange Commission filing.
The billionaire also wrote a letter to the Chairman of the Twitter board, Bret Taylor on his intentions to purchase the company. Here’s what he wrote:
”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, 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,” he wrote. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
Musk, who recently purchased 9.2% of Twitter shares is currently the largest Twitter shareholder. He previously declined an offer to join Twitter board as opposed to an announcement made by the current CEO of Twitter.
The billionaire’s decision not to join the board becomes clearer now as a takeover of the company wouldn’t have been possible as a member of the board.
Musk currently owns 73,486,938 Twitter shares, which is currently worth £3.3 billion.
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Tesla’s CEO, Elon Musk wants to add Twitter to his growing investment list.
Elon Musk, who is looking to expand his investment portfolio into social media companies has made an offer to purchase Twitter.
Musk tweeted, “I made an offer” with a link to a United States Securities and Exchange Commission filing.
The billionaire also wrote a letter to the Chairman of the Twitter board, Bret Taylor on his intentions to purchase the company. Here’s what he wrote:
”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, 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,” he wrote. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
Musk, who recently purchased 9.2% of Twitter shares is currently the largest Twitter shareholder. He previously declined an offer to join Twitter board as opposed to an announcement made by the current CEO of Twitter.
The billionaire’s decision not to join the board becomes clearer now as a takeover of the company wouldn’t have been possible as a member of the board.
Musk currently owns 73,486,938 Twitter shares, which is currently worth £3.3 billion.
.
.
.
.
.
.
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