Tesla chief and the world’s richest man, Elon Musk has offered to acquire the social media giant, Twitter for the sum of $43.4 billion, adding that it was his “best and final offer”. This was made known in a statement by the microblogging platform on Thursday confirming Musk’s bid. The statement by Twitter reads: “The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders”.
After purchasing 73.5 million shares or 9.2 percent of the company’s common stock, Musk declined a seat on Twitter’s Board of Directors.
Musk said, “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.”
