Elon Musk Offers to Buy Twitter for $43 Billion

The Twitter and Elon Musk saga is far from over as Elon Musk has made an offer to buy Twitter in an SEC filing. The billionaire has said he is willing to pay $54.20 per share in cash. It would value the social network at $43.4 billion.

“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,” Elon Musk wrote in an email to Bret Taylor, Twitter’s chairman of the board. The email is reproduced in today’s SEC filing.

“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.”

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“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,” Elon Musk added.

In pre-market trading, Twitter shares are currently trading at $50.97 per share, a 11.97% jump compared to yesterday’s closing price.

The executive is one of Twitter’s most-watched firebrands, often tweeting out memes and taunts to @elonmusk’s more than 80 million followers. He has been outspoken about changes he’d like to consider imposing at the social media platform, and the company offered him a seat on the board following the announcement of his stake, which made him the largest individual shareholder.

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After his stake became public, Musk immediately began appealing to fellow users about prospective moves, from turning Twitter’s San Francisco headquarters into a homeless shelter and adding an edit button for tweets to granting automatic verification marks to premium users.

He has recently revealed about his 9 per cent stake in the popular social media platform.