Therefore, I am prepared to pay $54.20 per share in cash to acquire all of Twitter at a premium of 54% over the day before I started investing in Twitter and 38% over the day before my investment was publicly publicised.
Elon Musk has made a bid to purchase Twitter outright and turn it into a private firm.
According to a letter sent to SEC, Bret Taylor, chairman of the board, was informed by Musk:
A successful democracy depends on the ability of citizens to freely express their opinions, and I think that Twitter has the potential to be a global forum for this.
However, after making my investment, I’ve come to recognise that the company’s present shape will neither prosper nor support this social necessity. As a private enterprise, Twitter has to be reformed.
As a consequence, I’m willing to pay $54.20 a share in cash to buy Twitter outright, representing a 54% premium over the share price the day before I began investing in Twitter and a 38% premium over the share price the day before my investment was publicly publicised. It would be necessary for me to re-evaluate my position as a shareholder if my offer is not accepted as my best and last offer.
Twitter’s potential is really limitless. I’ll take care of it.
Moreover, Musk cautioned that if his offer to acquire the whole firm was not accepted, he would be compelled to reassess the original share that he had taken in a company. A few weeks ago, he purchased 73.5 million shares for $3 billion and was intending to join the company’s board of directors before making an unexpected U-turn.