Just over a week ago, Elon Musk purchased a 9.2% stake in social media platform Twitter. Today, in his efforts to push free speech, Musk has made a grand bid to purchase Twitter for $54.20 a share. He released a statement saying,
“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…My offer is my best and final offer.”
Elon is offering the shareholders a 20% more than what Twitter was at previously, as it say at $38 a share. Elon further said in his SEC filing saying,
“Since making my investment I now realize the company will neither thrive nor serve this societal imperative [of free speech] in its current form,” Musk wrote. “Twitter needs to be transformed as a private company. Twitter has extraordinary potential. I will unlock it.”
Musk has skipped the negotiables and has given the shareholders a deal that he deems is very beneficial for both sides, and said he doesn’t want to engage in the back and forth.