According to Thursday’s Securities and Exchange Commission filing, Elon Musk (the billionaire Tesla) offered to acquire Twitter for $41.4 billion. Musk also explained in his note that he believes Twitter should be a private company and he decided he wants “to acquire the company and take it private.”
Elon Musk Offers to Purchase Twitter — Musk Believes ‘Free Speech Is a Societal Imperative’
During the first week of April, Bitcoin.com News reported on Tesla’s Elon Musk acquiring a stake in Twitter and at the time, analysts said it could lead to a buyout. Musk pledged to push for major improvements in the social media platform after acquiring a 9.2% share of Twitter Inc. Musk also considered integrating DOGE (dogecoin) payments to Twitter, so that it could be used as a payment option in the Twitter Blue subscription.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
In a recent SEC filing, Musk offers to buy Twitter Inc. for $41.4billion. This is ten days after the initial offer was made. The letter is directed to Bret Taylor, Twitter’s chairman of the board and Musk stressed that he believes he can unlock the social media platform’s potential.
“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 his letter. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form.”
The Tesla executive continued:
The future of Twitter must be changed [into] a private company. In this situation, I propose to buy 100 percent of Twitter. That’s a 54% increase over the previous day I invested in Twitter. It also represents a 38% rise over the days before my public investment. This is my last and best offer. If it’s not accepted I will have to reconsider my role as a shareholder. Twitter is a powerful platform. It is my goal to unlock it.
Musk’s Offer to Buy Twitter Is His ‘Best and Final’ Offer
Musk sent a text to Twitter expressing interest in purchasing Twitter. He said he spent several days thinking about it and he decided he “wants to acquire the company and take it private.” Musk also asked if Bret Taylor was “available to chat” and said that the offer was his “Best and Final.”
“I am not playing the back-and-forth game,” Musk added. “I have moved straight to the end. It’s a high price and your shareholders will love it. If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder. This is not a threat, it’s simply not a good investment without the changes that need to be made. And those changes won’t happen without taking the company private. My advisors and my team are available after you get the letter to answer any questions.”
Of course, Democrats did not like Musk’s offer at all, and some of them even called the offer a “threat.” The left-leaning Greg Sargent said: “Now that Musk is threatening to take over Twitter, don’t forget that he relied on government to get his dreams off the ground but then sank into the worst sort of anti-government demagoguery when Dems wanted to tax billionaires and help millions of others.” The Democrat Lindsey Boylan remarked: “It alarms me how few people know that Elon Musk is funded by the same government he belittles and undermines.”
How do you feel about Elon Musk’s plan to buy Twitter for $41.4 million? Comment below to let us know your thoughts on this topic.
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