BREAKING: Elon Musk has offered to buy Twitter for $54.20 a share in cash, or about $43 billion, according to documents filed with the SEC.
Elon Musk speaking in Austin, Texas, on April 7. Photo: Suzanne Cordeiro/AFP via Getty Imagesfiled with the Securities and Exchange Commission Wednesday.The move, which Musk called his "best and final offer," comes after the billionaire has repeatedly criticized Twitter, disclosed a 9.2% stake in the social media company and backed out of joining its board of directors.
"I am not playing the back-and-forth game. I have moved straight to the end. It's a high price and your shareholders will love it," he added. "If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder."Twitter confirmed receivingthat its "Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders."Musk is offering an 18.
Musk does not disclose how he plans to pay for Twitter, as the total price would be north of $43 billion. One possibility is that he has investment partners, although he does not say that in his letter. Another is that he plans to leverage his stock in Tesla, whose shares are down slightly in premarket trading on the Twitter news.for $420 per share in 2018, when he did not. His offer to buy Twitter also includes the number 420.Editor's note: This article was updated with comment from Twitter and additional details on Musk's offer.
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