Tesla CEO Elon Musk has already rejected a seat on the board of Twitter and has now offered to buy 100% of Twitter in hopes to make it private and unlock its full potential. Musk has a 9.2% stake in Twitter and his offer to buy the platform was for $54.20 a share on Thursday.
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Here is what Elon Musk wrote in a letter to Twitter Chairman Bret Taylor, as disclosed in a new SEC filing.
“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.
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.
As a result, 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.
Twitter has extraordinary potential. I will unlock it.”
Elon Musk was recently interviewed by the Babylon Bee.
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