In an interesting turn of events, Tesla and SpaceX CEO and the richest person in the world today, has offered to buy out Twitter Inc. (TWTR) entirely. Musk disclosed this offer via an official tweet before the market opened today. He also shared the statements he filed with the United States Securities and Exchange Commission (SEC) (PDF below).
In the SEC regulatory filing, Elon Musk explicitly states that he wants to take Twitter private. So, if Musk’s offer is accepted by Twitter, it will not be a public company anymore.
It’s been less than 2 weeks since Musk bought a 9.2% stake in Twitter. Twitter Inc. was happy to have him on the company’s board of directors but later on, Elon Musk opted to not join the board.
Elon Musk makes an offer that Twitter shouldn’t refuse — a $43 billion buyout to take it private.
Twitter has extraordinary potential. I will unlock it.
Elon Musk to SEC (filing PDF below)
Many media outlets carved out their own reasons about Musk not joining Twitter’s board, The Verge even stated that the vibrant Tesla CEO had all the fun he wanted from Twitter and now he wants to retract from the company. The real reason has today been unveiled, Elon Musk wants to completely acquire Twitter, take it private, and improve the platform in favor of Free Speech.
Elon Musk has offered to buy Twitter (TWTR) for $54.20 per share. Based on 800,641,166 shares of Common Stock outstanding as of February 10, 2022 — Musk’s offer to buy 100% of Twitter stands at around $43.394 billion dollars.
In his SEC filing statement, Elon Musk describes in detail why he wants to buy Twitter and what’s his next steps are going to be, let’s read his perspective:
Bret Taylor
Chairman of the Board,
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.
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.
Twitter has extraordinary potential. I will unlock it.
Elon Musk states in his SEC filing (Exhibit B) about the Twitter buy out offer.
As of this writing, Elon Musk is giving an interview at TED 2022, “the civilizational risk is decreased if the more we can increase the trust of Twitter as a public platform,” Musk said during the livestream.
“I do think it’s somewhat painfull, I am not sure I will actually be able to acquire it and I should also say, the intent is to retain as many shareholders as is allowed by the law in a private company which I think is 2,000 or so,” Musk further clarified his intent on buying Twitter.
After Musk’s possible acquisition of the social media giant, Twitter shares at the stock market are fluctuating between $45 to $46 a share since market opened today.
Reportedly, Twitter is having a vote on Elon Musk’s offer inside the company today, so stay tuned to stay informed.
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Elon Musk’s SEC filing for Twitter Acquisition (PDF)
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