Musk offers to buy 100% of all outstanding shares.
In a startling about face multiple sources are reporting that Elon Musk has sent a letter to the Twitter Board of Directors offering to purchase Twitter and take it private to in order to massively transform the company.
According to articles in Verge
, FastCompany, CoinDesk and others.
This is reportedly the text of the letter:
Below is the full text of the letter sent by Musk to Twitter, per the SEC filing:
Bret Taylor
Chairman of the Board,
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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.
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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.
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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.
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Twitter has extraordinary potential. I will unlock it.
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Elon Musk
We are at a pivotal moment in history, potentially, or just another billionaire owned Media Company.
- We don’t know what Elon Musk will do with Twitter
- We don’t know what his vision for decentralized social media is…
- ‘He has no cryptocurrency maximalist credentials.
- ‘He has used Twitter to help create his personal brand, and promote his companies Tesla, Boring, SpaceX and he undoubted has further enriched himself by buying Stocks, or Cryptocurrency and then Tweeting about them, which vastly increased their price and earned him millions of dollars.
- The latest example being the 27% increase in Twitter stock price.
- ‘Twitter is not 27% more profitable today, then it was before Musk bought 3 billion dollars worth of it, but 27% of 3 billion dollars is an enormous amount of money in one day: 750 million dollars.
- ‘Elon Musk is very good at promoting his personal brand and monetizing his fame.
- ‘Let’s be honest with ourselves, the idea of fixing the edit button or changing Twitter source code to open source are improvements, but not transformative into decentralized social media.
- ‘We can only hope he chooses to do something no billionaire before him has done.
- ‘Take a cash cow and risk ruining it by changing its very nature and extremely successful business model into a decentralized social media platform, which could fail miserably.
- Hmmm… I am not holding my breath.
@shortsegments