Elon Musk Offers to Buy Entire Twitter in Takeover Attempt

Tesla CEO Elon Musk declared his “best and final” offer to buy 100% of Twitter shares in order to transform the social media platform to a private company.

According to the US Securities Exchange Commission (SEC) filed on Thursday, Musk offered to buy each share at $54.20, an offer that raises Twitter’s value to about $43 billion.

The proposal was delivered in a letter to Twitter on April 13th with the billionaire stating that he intends to unlock Twitter’s extraordinary potential.

“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.” said Musk in a letter addressed to Chairman Bret Taylor.

“I would need to reconsider my position as shareholder,” said Musk in the event his offer is not accepted.

In response, Twitter issued a press release confirming the offer and stating that the Board of Directors will carefully review the proposal and determine the course of action to take.

Twitter shares are now up over 13% in pre-market while Tesla shares are down 1.5% over fears that Musk might become distracted by Twitter over his other companies.

The buyout offer from Musk comes after he declined to join the board after purchasing 9% of Twitter Shares to become the largest shareholder.