Townhall - Tipsheet - Spencer Brown
Elon Musk Launches Hostile Takeover of Twitter
Spencer Brown | @itsspencerbrown | Posted: Apr 14, 2022 8:00 AM
Elon Musk, after making waves when he became Twitter's largest shareholder with a 9.2 percent stake and rejected an offer to join the social media company's board, is charting a different path in order to change the way Twitter works.
Calling it his "best and final" offer, Musk is seeking to buy 100 percent of Twitter at a price of $54.20 per share for a whopping $43 billion price tag in a move that calls the bluffs of those who claimed Musk was just trolling Twitter with his comments about ways the platform could be improved. Now, he's literally putting his money where his mouth is.
Musk explained in a letter to Twitter's board that he believes the company "will neither thrive nor serve societal imperative in its current form" and therefore "Twitter needs to be transformed as a private company.”
Musk made the case for his offer in that letter, revealed via SEC filing early Thursday morning:
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.
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