In his SEC filing, Elon Musk said,
“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. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”
Adding, “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. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
Elon Musk signed off stating that “Twitter has extraordinary potential. I will unlock it.”
Additionally, the filing includes information from Elon Musk relayed to Twitter.
Musk wrote, via text, “As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made.
After the past several days of thinking this over, I have decided I want to acquire the company and take it private.
I am going to send you an offer letter tonight, it will be public in the morning.
Are you available to chat?”
Including a voice script that states Musk is “not playing the back-and-forth game.” and that he has “moved straight to the end.” Stating that his offer is a “high price and your shareholders will love it.”
However, Musk also told Twitter that he does not have confidence in the management of the company.
“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.”
Musk made it clear that his offer is “not a threat, it’s simply not a good investment without the changes that need to be made.” He believes that “those changes won’t happen without taking the company private.”