New York, USA (CNN)– Businessman Elon Musk, one of the world’s richest people, founder of Tesla and SpaceX, has made an offer to buy Twitter, saying he believes Twitter needs to “change.”
Musk has offered to acquire all the shares in Twitter he doesn’t own for $54.20 per share, valuing the company at $43.4 billion. That represents a 38% premium to the closing price on April 1, the last trading day before Musk revealed he had become the largest contributor to Twitter, and an 18% premium to the closing price on Wednesday.
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Musk said his cash offer was “the best and last offer”, according to the Securities and Exchange Commission, adding that if it is not accepted, he will have to reconsider his shareholder status.
The Tesla CEO sent a letter of offer to the company Wednesday night, according to the filing. In a message he sent to Twitter, he said: “I invested in Twitter because I believe in its potential to be a platform for freedom of expression around the world, and I believe that freedom of expression is a societal necessity for a functioning democracy…However, I now realize that the company will not thrive and will not serve this societal necessity. In its current form, Twitter needs to transform into a private company.”
On Thursday, Twitter issued a statement confirming receipt of the offer. The statement said the company’s board of directors would carefully review the proposal “to determine a course of action that it believes is in the best interest of the company and all of Twitter’s shareholders.”
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Elon Musk becomes the largest shareholder in “Twitter” after days of criticism .. and the share price rises by 20%
Last week, Musk revealed that he had been buying shares in Twitter since late January, that he had accumulated a 9.1% stake since that time, and had spent $2.6 billion on the shares he bought. Following this disclosure, he tentatively accepted an offer for a seat on the company’s board of directors, an agreement that included a maximum of his investment in the company for a 14.9% stake.
On Sunday, Twitter CEO Parag Agrawal revealed that Musk had decided not to join the board, removing that limit. Musk has been unusually silent about his plans for Twitter since then.
Musk has not revealed how he intends to finance his purchase. He said he had appointed Wall Street giant Morgan Stanley as the financial advisor for the deal.
While Musk is the richest person on earth, most of his $274 billion net worth is tied to his holdings in publicly traded Tesla and privately owned SpaceX, and he has been reluctant to sell Tesla shares beyond what he needs to sell in order to pay taxes.
Musk is not a fan of publicly trading his companies. While other private space exploration companies like Virgin Galactic have gone public, SpaceX has remained privately owned, despite speculation that it is ready to go public. And in August of 2018, he announced on Twitter that he was considering making Tesla private, saying that he believed that was the best way forward.
