Elon Musk offers to buy Twitter for $43 billion, so it can be ‘transformed as private company’

Elon Musk offered to buy Twitter for $54.20 a share, 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.

Twitter shares jumped more than 6% in premarket trading after closing at $45.85 a share on Wednesday. Musk tapped Morgan Stanley as a financial advisor, according to the filing.

via www.cnbc.com

Go Elon go!