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Elon Musk Offers To Buy Twitter For $43 Billion

Damir Mujezinovic - Author
By

Apr. 15 2022, Published 6:58 p.m. ET

The founder and CEO of Tesla and SpaceX, Elon Musk, became Twitter's largest shareholder this month, after buying 9.2 percent of shares.

This was reportedly not received well within the company, but the controversial billionaire has seemingly paid no mind to the complainers.

And on Thursday, Musk made an official offer to buy all of Twitter.

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According to CNBC, Musk is offering to buy Twitter for $54.20 a share.

In a letter sent to Twitter Chairman Bret Taylor, Musk said he wants to buy and transform Twitter because he believes in free speech as a value.

"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 wrote.

A self-described free speech absolutist, Musk has made it clear he disagrees with Twitter's policies when it comes to regulating speech, irking liberals and Democrats.

Transforming Twitter

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In his letter, Musk said that Twitter "needs to be transformed as a private company" because it can "neither thrive nor serve this societal imperative in its current form."

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As a result, I am offering to buy 100 percent of Twitter for $54.20 per share in cash, a 54 percent premium over the day before I began investing in Twitter and a 38 percent premium over the day before my investment was publicly announced, Musk continued.

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My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder, he added.

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Will Twitter Say Yes?

It remains unclear if Twitter is open to accepting Musk's offer, but the company's board is reportedly meeting to evaluate the bid.

Thanks to Musk, Twitter shares have surged in recent weeks. They are up six percent this year, and 18 percent this month. Tesla's stock, meanwhile, dipped one percent after Musk made his offer public.

News of the tech billionaire looking to purchase Twitter comes just days after the company's CEO Parag Agrawal warned investors of possible "distractions" in the near future.

Twitter Responds

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In a statement supplied to The Independent, Twitter confirmed that 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."

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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, the company added.

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