Elon Musk has offered to buy Twitter for $43 billion, telling the SEC in a filing that the deal would be good 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,” he wrote.
Musk made a “best and final offer” for $54.20 per share in cash (there’s that 4.20 ref again), a premium of 54 percent over the January 28th closing price. Twitter’s shares shot up 18 percent on the news. Musk implied that if the offer is rejected, he may dump some or all of his current position.
“I am offering to buy 100 percent of Twitter for $54.20 per share in cash, a 54 percent premium over the day before I began investing in Twitter and a 38 percent premium over the day before my investment was publicly announced,” Musk said in the filing. “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’s Twitter saga started when he purchased a 9.2 percent share in the company, and was later offered a seat on the board of directors. He subsequently declined that position, fueling speculation that he might decide to purchase Twitter outright.
He addressed all that in the SEC filing. “Since making my investment I now realize the company will neither thrive nor serve this societal imperative [free speech] in its current form,” Musk wrote. “Twitter needs to be transformed as a private company. Twitter has extraordinary potential. I will unlock it.”
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