Elon Muskis looking to buyTwitter.The Tesla and Space X CEO, 50, launched a bid for over $40 billion to buy the social platform, according to anSEC filingplaced Wednesday.In the regulatory filing, Musk offered to pay $54.20 per share for 100 percent ownership of Twitter, and said that he wants to take the company private. The offer would value the social site at about $43 billion, perBloomberg. The billionaire added that he would be reconsidering his role as a shareholder with the company if his offer was not accepted.Musk announced the news in atweetThursday morning, writing alongside it, “I made an offer.“Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.In a letter to Twitter’s Chairman of the Board Bret Taylor on Wednesday, Musk said he wants to take the platform private.For more on Elon Musk, listen below to our daily podcast PEOPLE Every Day.“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,” the entrepreneur explained.Elon Musk.Theo Wargo/Getty"However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he continued. “Twitter needs to be transformed as a private company.“Musk then included a pitch to buy the remaining shares of Twitter that he doesn’t currently own. “As a result, I am offering to buy 100 percent of Twitter for $54.20 per share in cash, a 54 percent premium over the day before I began investing in Twitter and a 38 percent premium over the day before my investment was publicly announced,” he said.Want to get the biggest stories fromPEOPLEevery weekday?Subscribe to our new podcast, PEOPLE Every Day, to get the essential celebrity, entertainment and human interest news stories Monday through Friday.Twitter logo.Chesnot/Getty ImagesMusk noted that his proposal is his “best and final offer” and “if it is not accepted,” he added, “I would need to reconsider my position as a shareholder.““Twitter has extraordinary potential. I will unlock it,” Musk continued, before he said his offer was not a “threat,” noting, “it’s simply not a good investment without the changes that need to be made.““I am not playing the back-and-forth game,” Musk also said. “I have moved straight to the end. It’s a high price and your shareholders will love it.““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,” he stressed.Elon Musk.Al Drago/Bloomberg via GettyMusk’s move to buy Twitter comes about after Twitter CEO Parag Agrawal announced Sunday that the tech executivedeclined an invitation to join Twitter’s board.“Here’s what I can share about what happened,” Agrawal, 37,wrotein an email to Twitter employees, which he also shared in a tweet. “The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.““We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawal added. “Elon’s appointment to the board was to become officially effective [Saturday], but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.““There will be distractions ahead, but our goals and priorities remain unchanged,” he continued. “The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”
Elon Muskis looking to buyTwitter.
The Tesla and Space X CEO, 50, launched a bid for over $40 billion to buy the social platform, according to anSEC filingplaced Wednesday.
In the regulatory filing, Musk offered to pay $54.20 per share for 100 percent ownership of Twitter, and said that he wants to take the company private. The offer would value the social site at about $43 billion, perBloomberg. The billionaire added that he would be reconsidering his role as a shareholder with the company if his offer was not accepted.
Musk announced the news in atweetThursday morning, writing alongside it, “I made an offer.”
Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.
In a letter to Twitter’s Chairman of the Board Bret Taylor on Wednesday, Musk said he wants to take the platform private.
For more on Elon Musk, listen below to our daily podcast PEOPLE Every Day.
“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,” the entrepreneur explained.
Elon Musk.Theo Wargo/Getty
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he continued. “Twitter needs to be transformed as a private company.”
Musk then included a pitch to buy the remaining shares of Twitter that he doesn’t currently own. “As a result, I am offering to buy 100 percent of Twitter for $54.20 per share in cash, a 54 percent premium over the day before I began investing in Twitter and a 38 percent premium over the day before my investment was publicly announced,” he said.
Want to get the biggest stories fromPEOPLEevery weekday?Subscribe to our new podcast, PEOPLE Every Day, to get the essential celebrity, entertainment and human interest news stories Monday through Friday.
Twitter logo.Chesnot/Getty Images
Musk noted that his proposal is his “best and final offer” and “if it is not accepted,” he added, “I would need to reconsider my position as a shareholder.”
“Twitter has extraordinary potential. I will unlock it,” Musk continued, before he said his offer was not a “threat,” noting, “it’s simply not a good investment without the changes that need to be made.”
“I am not playing the back-and-forth game,” Musk also said. “I have moved straight to the end. It’s a high price and your shareholders will love it.”
“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,” he stressed.
Elon Musk.Al Drago/Bloomberg via Getty
Musk’s move to buy Twitter comes about after Twitter CEO Parag Agrawal announced Sunday that the tech executivedeclined an invitation to join Twitter’s board.
“Here’s what I can share about what happened,” Agrawal, 37,wrotein an email to Twitter employees, which he also shared in a tweet. “The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.”
“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawal added. “Elon’s appointment to the board was to become officially effective [Saturday], but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”
“There will be distractions ahead, but our goals and priorities remain unchanged,” he continued. “The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”
source: people.com
