Elon Musk has launched a huge hostile takeover of Twitter, slamming down a $43 billion "best and final" offer for the second-largest social networking company in the world.
Musk explained in a letter sent to Twitter Chairman Bret Taylor, disclosed in an SEC filing: "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".
"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".
- Read more: Elon Musk will NOT be joining Twitter board, hostile takeover rumored
- Read more: Elon Musk joins Twitter's board of directors, let the (meme) fun begin
- Read more: Twitter to add an edit button, the Elon Musk effect works fast
- Read more: Elon Musk buys 9.2% stake in Twitter, stock explodes instantly by 25%
The regulatory filing shows that Musk offered $54.20 a share, which is a 38% premium over the stock of Twitter on April 1. That's the last day before Musk invested billions into Twitter, securing himself a 9.2% stake in the company.
I'm sure the deal will go through on 4/20/2022... just days away.
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