Billionaire Tesla CEO Elon Musk just offered to purchase 100% of Twitter at more than $43 billion, it was announced early Thursday morning.
The offer, which Musk officially filed with the SEC, is a major step up from the 9.2% of Twitter shares Musk already purchased for just under $3 billion, a move that earned him an offer from the company to serve on Twitter's Board of Directors. Musk ultimately turned down the offer earlier this week.
In a letter sent to Twitter Chairman Bret Taylor, Musk explained his decision to make an offer on the whole company stems from what he see as the site's "potential to be the platform for free speech around the globe."
I made an offer https://t.co/VvreuPMeLu— Elon Musk (@elonmusk) April 14, 2022
“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," he said.
"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," he went on.
“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,” Musk wrote. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
After turning down Twitter's offer for a board seat earlier this week, Musk had peaked users' curiosity with a single posted - and quickly deleted - emoji of a laughing face covering its mouth with its hand, making the public wonder what other moves Musk may have up his sleeve.
And now, it seems we know.