Business
Elon Musk Offers To Buy '100%' of Twitter—Site 'Needs To Be Transformed'
Tesla CEO, Elon Musk, who recently became the single largest shareholder in the social media company, Twitter, has now offered to buy out Twitter stock, CNBC reported.
Musk has offered $54.20 cash for Twitter shares so that he can take the company private again to help it transform.
The offer—which values Twitter at about $41 billion, according to Reuters—comes after the Tesla CEO bought a 9.2 percent stake in Twitter but decided not to take a seat on the board.
Musk's decision not to take a boardroom seat gave him the flexibility to acquire more shares of the social media platform.
Musk told Twitter's Chairman, Bret Taylor, that he believes under his leadership the social media platform's potential could be unlocked.
"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," Musk wrote in a letter made public by the SEC.
"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.
https://www.newsweek.com/elon-musk-twitter-shares-denied-board-seat-offers-buy-100-percent-1697915