Elon Musk offers to buy 100% of Twitter
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Elon Musk offers to buy 100% of Twitter

Elon Musk offers to buy 100% of Twitter

The billionaire said that ‘Twitter has extraordinary potential’

Elon Musk

Tesla chief executive officer and billionaire Elon Musk has offered to acquire a 100 per cent stake of social networking platform Twitter, according to a regulatory filing.

The offer price, which is valuing the common stock at $54.20 per share represents a 54 per cent premium over the closing price of Twitter’s stock on January 28, 2022, the trading day before Musk began investing in the company. It also represents a 38 per cent premium over the closing price of the common stock on April 1, the last trading day before Musk’s investment in the company was publicly announced.

“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 note to Twitter’s chairman, that formed part of a filing to the US Securities and Exchange Commission.

“However, since making my investment I now realise 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 per cent of Twitter for $54.20 per share in cash, a 54 per cent premium over the day before I began investing in Twitter and a 38 per cent 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,” he added. “Twitter has extraordinary potential. I will unlock it.”

According to the filing, Musk has engaged Morgan Stanley as its financial advisor.

Musk had recently revealed that he had acquired a 9 per cent stake in Twitter.

Read: Elon Musk poll may prompt a Twitter edit button, CEO hints

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