Elon Musk has offered to buy 100% of Twitter for $54.20 per share in cash to make it a private company
This is according to an updated US SEC 13D filing. The offer is a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced.
Musk stated that his intention for twitter was to promote free speech “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 added that for him to achieve his goals the company need to be private “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.”
“ I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. 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 said
A lawsuit has been filed against the billionaire, Elon Musk, at the Manhattan federal court by a fellow Twitter investor. The federal securities class action lawsuit was filed by the investor because Musk failed to disclose his 5% stake in the social media company when he was required to do so.
Elon Musk decided not to join the Twitter board of directors, despite owning significant holdings in the social media giant.
Twitter expects its board members to act in a fiduciary capacity, this means that if Elon were to be a board member he would be bound to act in the best interest of the company. Puts the interest of the company before his own.