Tesla boss and billionaire business tycoon Elon Musk on April 14, offered to buy Twitter for $41.39 billion at $54.20 per share in cash. Here are the full details of Musk’s interaction with Twitter chairman Bret Taylor, as filed before the SEC.
He took to Twitter to announce the same and wrote: “I made an offer” and shared the filing with the US Securities and Exchange Commission (SEC).
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I feel 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 into a private company.
As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium 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 told Twitter chairman Bret Taylor via text: “As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made. After several days of thinking this over, I have decided I want to acquire the company and take it private. I will send you an offer letter tonight; it will be public in the morning. Are you available to chat?”
He told via voice script: “This is the best and final offer. I am not playing the back-and-forth game; I have moved straight to the end. It’s a high price, and your shareholders will love it. If the deal doesn’t work, given that I don’t have confidence in management or believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.”
“This is not a threat; it’s simply not a good investment without the changes that need to be made. And those changes won’t happen without taking the company private. After you get the letter, my advisors and my team are available to answer any questions. There will be more detail in our public filings. After receiving the letter and reviewing the public filings, your team can call my family office with any questions.”
Twitter responded by saying: “Twitter Confirms Receipt of Unsolicited, Non-Binding Proposal from Elon Musk. Twitter Inc has 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 company’s best interest and all Twitter stockholders.”