Tesla CEO Elon Musk is making his “best and final” offer to buy 100 percent of Twitter in an updated 13D filed Thursday with the SEC. He’s offering $54.20 per share in cash.
Musk’s wealth hovers around $260 billion, according to Bloomberg. Twitter’s market valuation is about $37 billion. Musk’s offer values Twitter at about $43 billion.
Musk is offering to “acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.” The proposal was delivered in a letter to Twitter on April 13th. Musk says Twitter must go private to undergo changes that need to be made.
“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,” said Musk in a letter sent to Twitter chairman Bret Taylor. “Twitter has extraordinary potential. I will unlock it.”
“I would need to reconsider my position as shareholder,” says Musk if his offer is not accepted.
Twitter issued a press release confirming the offer, saying, “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.”
Twitter shares are up over 13 percent pre-market on the news. Tesla shares are down 1.5 percent on fears that Twitter’s number one fan — who already leads Tesla, SpaceX, The Boring Company, and Neuralink — might become distracted by his new pet. Musk once told Twitter co-founder and ex-CEO Jack Dorsey that it’s a bad idea to run two companies simultaneously.
