Elon Musk offered to buy 100% of Twitter, just days after Tesla's CEO said he would stop serving on the social media company's board of directors.
Twitter reported in a regulatory filing on Thursday that Musk, who currently owns just over 9% of its shares and is the company's largest shareholder, provided a letter to the company on Wednesday containing a proposal to buy the remaining shares of Twitter that he does not yet own.
Musk offered $54.20 per Twitter share.
“I have invested in Twitter because I believe in its potential to be the platform for freedom of expression around the world, and I believe that freedom of expression is a social imperative for a functioning democracy,” Musk says in the presentation. “However, since I made my investment, I have realized that the company will not prosper or serve this social imperative in its current form. Twitter needs to transform itself as a private company.”
Musk specified that this is “his best offer and his last offer,” and threatened, in case of refusal, to “re-examine his position as a shareholder” within the social network.
Twitter shares soared almost 12% before the market opened.
Earlier on Thursday, the businessman had not spoken out on his Twitter account.
The billionaire, who currently owns nearly 73 and a half million shares in the courier company, had become a critic of the social network and had questioned whether its rules “rigorously” adhere to the principle of freedom of expression.
These criticisms had aroused suspicion in some sectors, including among Twitter employees themselves, who were concerned that Musk would exercise excessive power in the company to change its ethical publishing standards, including banning former US President Donald Trump, on the grounds that his messages instigated the assault on the Capitol on January 6, 2021.
(With information from AP, AFP, EFE)
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