Elon Musk, the world’s richest man, shocked the world on Thursday morning when he officiallly offered to buy social media giant Twitter and take it private for a jaw-dropping $43 billion dollars.
As CNBC reports:
Elon Musk offered to buy Twitter for $54.20 a share in a filing published Thursday, saying the social media company needs to be transformed privately, a little over a week after first revealing a 9.2% stake in the company. Musk’s offer values Twitter at about $43 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,” Musk wrote in a letter sent to Twitter Chairman Bret Taylor and disclosed in a securities filing.
According to Musk, the social media company needs to go private because it can “neither thrive nor serve” free speech in its current state.
“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,” he 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.”
The company responded by claiming that the offer would be carefully reviewed by its Board of Directors.
Speculation about whether the company would accept the author or not immediately broke out on social media and cable news, with one prominent analyst, Gene Munster, telling CNBC he believes ‘this probably does happen’: