Tesla CEO Elon Musk offers to buy Twitter
Written byTimes Magazine
Tesla CEO Elon Musk has presented to buy Twitter, saying he is the right person to "realize" the social media platform's "potential." Musk said he would pay $54.20 per share for Twitter, worth about $41 billion in a surprise announcement.
It has recently become clear that Mr. Musk is the largest shareholder in Twitter, having acquired a significant stake. He said if his proposal was not accepted, "I will have to reconsider my position as a shareholder."
Documentation to the U.S. Financial Services Authority appears to show text and voice messages from Musk to the Twitter board, indicating he had floated the idea of making the deal private over the weekend.
Mr. Musk was invited to join the board, but Twitter announced that it had decided to step down on Sunday.
Mr. Musk said in a statement he was not "playing a back and forth game" and insisted his shareholders "want the high price" he is offering the company.
In a document to the U.S. Financial Services Authority, Musk said: "I invested in Twitter because I think in its potential to be a worldwide platform for freedom of expression. Freedom of expression is a public imperative for a functioning democracy.
"However, since my investment, I have realized that the company will not thrive in its current form, nor will it serve this social imperative. Twitter needs to change as a private company."
He added: "Twitter has tremendous potential. So I'll open it." Twitter offered Musk a seat on the board after it emerged he had a 9.2% stake in the company. The role would have taken effect last weekend, but Musk decided against it.
"As I emphasized this weekend, I believe companies need to get personal to make the necessary changes. "I will be sending you a letter tonight with an offer announced tomorrow morning.
"If the deal doesn't work because I don't trust management or believe I can bring about the changes in the public market, I will have to reconsider my position as a shareholder.
"It's not a threat; it's not a good investment without changes that need to be made. And that change won't happen unless the company goes private." On Monday, Twitter CEO Parag Agrawal wrote that he thought Musk's decision not to sit on the board was "for the best."
Elon is our largest shareholder, and we will remain open to his contributions." Although he also warned employees, "There will be disturbances." Musk, keeping his mouth shut, posted a mysterious tweet with a smiling emoji following the announcement.
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