SpaceX and Tesla CEO Elon Musk is offering to buy Twitter for $41.39 billion days after rejecting a seat on its board.
“I made an offer,” Musk, who is currently the company’s largest shareholder with 9% of its stock, tweeted with a link to the SEC filing.
“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 said in a letter to Twitter Chairman Bret Taylor.
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” Musk continued. “Twitter needs to be transformed as a private company.”
He explained: “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.”
Musk concluded, “Twitter has extraordinary potential. I will unlock it.”
The Big Tech company will review his offer with advice from Goldman Sachs & Co and Wilson Sonsini Goodrich & Rosati, a source told Reuters.
Former Twitter shareholders sued Musk claiming they missed out on the stock price increase because he failed to disclose his stake in a timely manner.