“If it is not accepted, I would need to reconsider my position as a shareholder.”
Elon Musk wants to buy Twitter for over $43 billion at $54.20. That’s about $3.20 over the share price:
Chairman of the Board,
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.
How does Twitter say no? Twitter shares closed at $45.85 on Wednesday. Shares rose to $51.25 during premarket trading.
“As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made,” stated Musk. “After the past several days of thinking this over, I have decided I want to acquire the company and take it private.”
1. Best and Final:
a. I am not playing the back-and-forth game.
b. I have moved straight to the end.
c. It’s a high price and your shareholders will love it.
d. If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.
i. This is not a threat, it’s simply not a good investment without the changes that need to be made.
ii. And those changes won’t happen without taking the company private.
2. My advisors and my team are available after you get the letter to answer any questions
a. There will be more detail in our public filings. After you receive the letter and review the public filings, your team can call my family office with any questions.
BREAKING: Elon Musk has offered to buy Twitter for $54.20 per share in cash, per SEC filing. pic.twitter.com/8I4ceaNPoc
— Alex Salvi (@alexsalvinews) April 14, 2022
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
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