Twitter’s latest shareholder in billionaire Elon Musk is looking to completely take over the popular social media platform in a hostile takeover.
According to a SEC filing filed by the Tesla CEO, Musk revealed his intentions to buy 100% of the company’s shares in a letter sent to Twitter’s board members. The billionaire noted that he would purchase the shares at a price of $54.20 per share in cash, which is a 54% premium over the day before Elon began investing in Twitter and 38% premium over the day before his investment was publicly announced.
At $54.20 per share, Musk is looking to takeover the company at a valuation of around $43 billion, and the letter also mentioned that the SpaceX CEO has no intentions to negotiate as he has made his “best and final offer.”
JUST IN – Elon Musk has made an offer to buy Twitter and says the platform needs to be transformed into a private business to thrive again. pic.twitter.com/pXvFnzXSm5
— Disclose.tv (@disclosetv) April 14, 2022
The letter also mentioned that if the board members refuse to accept his offer, then he would be looking to reconsider his position as the company’s biggest stakeholder.
Musk was announced as Twitter’s largest shareholder almost two weeks ago, when he bought a 9.2% passive stake of the platform. However, rumors about Musk’s intention to takeover the company came earlier this week, when the billionaire refused a seat at the company’s board.
In his letter to the board, Musk noted that Twitter can become “the platform for free speech around the globe, and the billionaire wishes to enforce it by privatizing the company.
Musk ended his offer letter to the board by mentioning that Twitter has the potential that he can unlock, and it will be interesting to see the response from the board regarding their decision to sell 100% of the platform to the world’s richest man.
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