Elon Musk Offers To Be A Free Speech Platform In The World, Offers To Buy 100% Of Twitter Shares

Elon Musk wants to be the personal owner of Twitter. (photo: twitter @elonmusk)

JAKARTA - Tesla CEO Elon Musk made a "best and last" offer to buy 100 percent of Twitter in updated 13D that was filed Thursday with the SEC. He offered to buy Twitter shares for $54.20 per share in cash. Naturally, Musk had to slip "420" into the offer.

Musk's own net worth is currently around $260 billion, according to Bloomberg. Meanwhile, Twitter's market valuation is around US$37 billion (Rp531 trillion). Musk's offering valued Twitter at about $43 billion, according to CNBC.

Musk offered to "acquire all of the Issuer's outstanding Common Stock that is not owned by the Whistleblower for all cash consideration valuing the Common Stock at 54.20 per share." The proposal was delivered in a letter to Twitter on April 13. Musk said Twitter had to go private to go through the changes it needed to make.

I made an offer https://t.co/VvreuPMeLu

— Elon Musk (@elonmusk) April 14, 2022

"I invested in Twitter because I believe in its potential to become a worldwide free speech platform, and I believe free speech is a social imperative for a functioning democracy," Musk said in a letter sent to Twitter chairman Bret Taylor. “Twitter has tremendous potential. I'll open it."

"I need to reconsider my position as a shareholder," Musk said if his offer was not accepted.

Twitter issued a press release confirming the offer. "Twitter's Board of Directors will carefully review the proposal to determine the course of action it believes is in the best interest of the Company and all of Twitter's shareholders," Twitter said.

Twitter shares were up more than 13 percent pre-market on the news. Tesla shares fell 1.5 percent on concerns that Twitter's number one fan, who has also led Tesla, SpaceX, The Boring Company and Neuralink, might be annoyed by his new "pet". Musk once told Twitter co-founder and former CEO, Jack Dorsey, that running two companies simultaneously was a bad idea.

His will/will not buy the Twitter saga started in earnest when it became clear, ten days ago, that the world's richest man bought a 9.2 percent stake in the company.

As soon as Twitter announced that Musk would be appointed to its board of directors, a few days ago, prompting Twitter CEO Parag Agrawal to tell staff, "there will be disruptions ahead." A hostile takeover is sure to upset everyone involved.

Here is the full text of the letter Musk sent to Twitter, as per the SEC filing:

Bret Taylor

chairman of the board,

I invested in Twitter because I believe in its potential to become a worldwide free speech platform, and I believe free speech is a social imperative for a functioning democracy.

However, since making the investment I now realize the company will not thrive or serve this social imperative in its current form. Twitter needs to be transformed as a private company.

As a result, I offered to buy 100% of Twitter for $54.20 per share in cash, 54% premium the day before I started investing in Twitter and 38% premium the day before my investment was made public. My offer is my best and last offer and if it is not accepted I need to reconsider my position as a shareholder.

Twitter has tremendous potential. I'll open it.

Elon Musk