Elon Musk offered to buy Twitter for $54.20 a share, he expressed his intent in the Securities and Exchange Commission filing he submitted
According to the Securities and Exchange Commission filing, this is the best and final offer, representing a 54 percent premium over the day before he began investing in the company in late January. Evaluating the company’s worth at about $43 billion.
Musk said he has no confidence in the management and would like to make changes he wanted in the public market.
According to a letter sent by Musk to Bret Taylor, Twitter’s chair, on April 13, Twitter has extraordinary potential he wants to unlock. He will reconsider his position as a shareholder
The filing suggests Twitter shares were 11 percent higher during premarket trading. On Wednesday its closing price was $45.85 and Morgan Stanley is his financial adviser for the bid.
According to the details of the regulatory filing on April 4 suggests, Musk bought 9.2 percent stake in Twitter. The next day Twitter announced about Mr. Musk joining its board by the end of the week he rejected the offer.
Musk in a letter to Mr. Taylor sent on April 13 replied, “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.”
He further added, “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.”
The share price of Twitter has surged 16% since April 1 and Mr. Musk’s investment became public.
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