'Twitter Needs To Be Transformed As A Private Company': What Elon Musk Said In His US SEC Filing
Elon Musk said his 'offer is my best and final offer' and he would reconsider his position as a shareholder if it was rejected.
New Delhi: As reports of billionaire Elon Musk's bid to take over Twitter spread like wildfire on social media, the Tesla CEO tweeted the "offer" he made in a filing with the US Securities and Exchange Commission.
"I made an offer," Elon Musk tweeted while attaching the link to the regulatory filing.
In the SEC filing, Musk made an offer to buy 100 per cent of Twitter at $54.20 per share in an all-cash transaction. As per Musk's offer, the approximate valuation of Twitter stands at $43 billion.
In the SEC filing, Musk said the social media firm had "extraordinary potential" and he wanted to unlock it while attaching a letter he sent to Twitter chairman Bret Taylor.
"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," Musk said in the filing.
"However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company," he further said.
Elon Musk said his "offer is my best and final offer" and he would reconsider his position as a shareholder if it was rejected.
"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," the SpaceX CEO said in the filing.
"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," Musk wrote to Taylor.
Musk currently owns slightly more than 9 per cent of its stock and is the company's biggest shareholder.
The offer by the Tesla Chief Executive Officer (CEO) comes days after Musk said he would no longer be joining Twitter's board of directors.
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