April 14, 2022

Elon Musk Wants To Buy Twitter And Take It Private, SEC Filing Reveals

Billionaire and Tesla CEO Elon Musk has offered to buy Twitter, take the company private, and build it into a platform for “free speech,” according to a filing made to the U.S. Securities and Exchange Commission Wednesday, days after the billionaire purchased around 9% of the company and then turned down an offer to join its board.

In the SEC filing, Musk says he is offering to buy 100% of Twitter at $54.20 per share in an all-cash transaction and then take it private.

Musk noted that he believes in Twitter’s potential to become a free speech platform and serve a key “societal imperative.”

The Tesla CEO says he is making the current offer after realizing that the company will “neither thrive nor serve this societal imperative in its current form,” arguing that it needs to be taken private.

Musk adds that his offer of $54.20 per share is his “best and final offer” and if it is not accepted he will need to “reconsider” his position as the company’s largest shareholder.

The price of Twitter’s stock stood at around $51.41 during pre-market trade early on Thursday.

Source: Forbes

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