Elon Musk has offered to buy a 100 percent interest in Twitter, just two weeks after revealing that he had purchased a 9.2 percent investment in the social media company, making him the company’s largest individual stakeholder.
According to a US SEC filing, Elon Musk, who recently rejected to join the board of directors of Twitter, has now made an offer to buy out the entire company for $54.2 per share. Musk feels that in order for Twitter to grow, it needs to be taken private. “My offer is my best and final offer,” the billionaire, who is known for his controversies, added.
“I am offering to buy 100% 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 wrote in a letter to Twitter Chairman Bret Taylor. “My offer is my best and final offer,” he said, adding that if it isn’t accepted, he’ll have to reevaluate his position as a shareholder.
The microblogging platform responded earlier 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 best interest of the Company and all Twitter stockholders.”
Elon Musk is one of Twitter’s most well-known personalities, and he has been vocal about reforms he wants to see implemented on the social media platform. Following the revelation of his shareholding, which made him the firm’s largest individual shareholder, the corporation offered him a place on the board.
Musk began soliciting feedback from fellow Twitter users soon after his investment was made public, proposing everything from turning Twitter’s San Francisco headquarters into a homeless shelter to adding an edit button to tweets and awarding automatic verification marks to premium members. Given that numerous celebrities with large followings rarely tweet, one tweet suggested that Twitter might be dying.