Elon Musk offers to buy 100% of Twitter for $41.39 billion in cash

Tesla CEO Elon Musk has offered to buy 100 percent of Twitter for $54.20 per share ($41.39 billion) in cash, according to the updated 13D filing with the Securities and Exchange Commission (SEC). The announcement came just a few days after Musk declined to join Twitter’s board after he bought a 9.2% stake in the company.

The filing read that Musk offered “to acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.”

“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,” the filing read. 

In a Twitter post earlier this morning, Musk said, “I made an offer,” adding a link to the filing on the SEC website.

I made an offer https://t.co/VvreuPMeLu

— Elon Musk (@elonmusk) April 14, 2022

Here is the letter Musk sent to Twitter’s chairman disclosed in the 13D filing.

Bret Taylor

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.

-Elon Musk 

Shares of Twitter soared as much as 18% on the news.

This story is still developing.