Elon Musk has made a public offer to buy 100% of Twitter’s stock and turn it into a public company, which the SpaceX billionaire and Tesla CEO says will unlock the company’s potential to be “the form for freedom of expression in the world”.
Musk, who became Twitter’s largest shareholder with a 9.2% share purchase in recent months, made a takeover bid for 100% of the company at $54.20 per share, or an 18% premium to Twitter’s closing price yesterday.
At the price quoted by Musk, the proposed purchase of Twitter would total $43 billion.
In his public communication to Twitter’s chairman of the board, which can be read in full here, Musk said promoting free speech around the world was the motivation behind his offer.
Musk said he doesn’t believe Twitter can achieve its free speech potential as a public company, saying “Twitter needs to be made a private company.”
Via Alpha search:
President of the council,
I invested in Twitter because I believe in its potential to be the platform for free speech worldwide, and I believe that free speech is a societal imperative for a functioning democracy.
However, since making my investment, I now realize that the business will not thrive or serve this societal imperative in its current form. Twitter needs to be turned into a private company.
Accordingly, I am offering to buy 100% of Twitter for $54.20 per share in cash, a premium of 54% from the day before I started investing in Twitter and a premium of 38% from compared to the eve of the public announcement of my investment. My offer is my best and last offer and if it is not accepted, I will have to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.
/s/ Elon Musk
Twitter previously offered Musk a seat on Twitter’s board in return for a guarantee that the billionaire would not buy more than 14.9% of the company’s stock. 15% is a crucial threshold that gives shareholders more legal rights in some jurisdictions.
On March 25, Elon Musk conducted a poll on Twitter asking his followers if they thought the platform “rigorously adheres” to the principle of free speech, which he said was “essential to the functioning of a democracy. “.
Freedom of expression is essential to the functioning of a democracy.
Do you think Twitter strictly adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
More than 2 million Twitter users voted in the poll, with 70% saying they don’t believe the platform embraces free speech. Prominent conservatives also responded to the poll, urging Musk to buy the platform.
SEC filings show that at the time of the poll, Musk had already purchased his 9.2% stake in Twitter. The billionaire acquired his shares from January and reached more than 9% on March 14, 11 days before his Twitter poll.
Allum Bokhari is Breitbart News’ Senior Technology Correspondent. He is the author of #DELETED: Big Tech’s Battle to Erase the Trump Movement and Steal The Election.