Twitter has acknowledged Elon Musk’s bid to purchase the social media giant, in an offer he called his “best and final,” saying he can unlock its full potential.
However, they did say they would carefully review his proposal.
The full release states:
“Twitter, Inc. (NYSE: TWTR) today confirmed it had 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.”
On Thursday, in a filing with the SEC, Musk offered to purchase the entirety of Twitter for a premium on the company’s traded values.
Musk’s offer and notice to Twitter’s Board chairman Bret Taylor read as follows:
Chairman of the Board,
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.
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.
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 and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.
/S/ Elon Musk
If Musk’s offer is accepted, the filing states that he intends to delist the company from public trading and take it private.
Editor’s Note: A previous version of this article mistakenly quoted Musk’s offer as $43 million and has since been corrected.