Elon Musk offers to buy Twitter for £31.5bn

"My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder."
Elon Musk offers to buy Twitter for £31.5bn
Elon MuskFile

A filing made to the U.S. Securities and Exchange Commission has revealed that Elon Musk plans to buy Twitter for £31,520,000,000 and take the company private.

This comes days after the Tesla chief days purchased around nine per cent of the company, making him Twitter's largest shareholder, and then turned down an offer to join its board.

AFP reported that Musk offered $54.20 a share, a 54 per cent premium over the January 28 closing price, in the filing dated Wednesday, April 13 with the SEC.

UK Metro reported that Musk's offering represents a 38 per cent premium to the closing price of Twitter’s stock on April 1 – the day before Twitter's largest shareholder.

He however revealed that he "would need to reconsider my position as a shareholder" if his offer is not accepted.

"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 per cent of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38 per cent 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," Musk said to Bret Taylor, the Chairman of the Board in the letter.

Related Stories

No stories found.