Tesla CEO Elon Musk, who already owns more than a 9% stake in Twitter, proposed to acquire all of the outstanding Common Stock of the Issuer for $43 billion, a regulatory filing revealed on April 14.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
It will be an all-cash deal, where Elon Musk will be paying a consideration valuing the Common Stock at $54.20/share, as per the SEC filings.
Musk’s proposal of $54.20 per share is a 38 percent premium to Twitter’s stock’s closing price on April 1, the last trading day before Musk’s purchase of a 9.2% stake in the firm was publicly announced on April 4.
Elon Musk has made the “best and final” offer to acquire Twitter Inc., adding the company has the remarkable ability and he will unlock it.
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The richest man on Earth will pay $54.20 per share in cash, over 54 percent of the January 28 closing price and a value of about $41 billion.
“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 filing.
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he said.
“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.”
The microblogging platform commented: “Twitter Confirms Receipt of Unsolicited, Non-Binding Proposal from Elon Musk. Twitter Inc has confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash. The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”