Elon Musk has made an offer to buy Twitter and take it private, since the company needs to be transformed. “Twitter has extraordinary potential. I will unlock it,” he said.
According to an SEC filing Musk has offered to acquire the rest of the shares in Twitter he does not own for $54.20 per share, valuing the company at $43.4 billion.
The Tesla CEO had been buying shares of Twitter since late January accumulating a 9.1% stake and spending $2.6 billion, to become the company’s top holder. Musk initially accepted to take one seat on the board of Twitter, an agreement that included a cap of 14.9% stake. However only hour after that Twitter CEO Parag Agrawal said Musk decided not to join the board.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe. 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.” Musk said in an offer letter addressed to Bret Taylor, the chair of the Twitter board.
Musk said his cash offer was final and that if the proposal is not accepted, he would have to reconsider his position as a shareholder.
Twitter issued a statement confirming it had received the offer and said that the company’s board would carefully review the proposal.