Businessman Elon Musk has offered to buy Twitter, saying the social media giant “needs to be transformed as a private company.”
"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 the filing. "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 founder of Tesla and SpaceX is already Twitter’s largest shareholder, owning more than 9% of the company. A regulatory filing showed he offered $54.20 per share to buy the rest.
That price would value the company at about $43 billion and represents a 38% premium above the stock’s closing price on April 1, the last trading day before Musk bought his 9%.
"My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder," Musk said.
Twitter acknowledged the offer and will analyze if Musk’s proposal is in the best interest of shareholders.
After Musk’s large share ownership was revealed, Twitter offered him a seat on the company’s board, but that had a stipulation limiting the amount of stock Musk could own.
After appearing to accept the board seat, Musk then declined.
Some information for this report came from The Associated Press and Reuters.