His “best and final” offer was revealed in an SEC filing today and comes after he revealed he’d bought 9% of Twitter – making him the company’s largest individual shareholder.
The filing noted the offer was a 38% premium over the closing price of the Common Stock on April 1 2022, the last trading day before Musk’s initial investment was announced.
In a letter to Twitter Chairman Bret Taylor, the Tesla CEO said he had initially invested “as I believe in its potential to be the platform for free speech around the globe”.
“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,” he added.
Twitter’s shares were trading at $45.86 at close yesterday, meaning Musk is offering an 18% premium.