Tesla and SpaceX CEO Elon Musk offered to buy 100% of Twitter for $54.20 per share in cash, according to a Securities and Exchange Commission filing released Thursday.
“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,” Musk said.
Musk is at the top of Forbes’ “The Real-Time Billionaires List,” with a net worth of over $270 billion.
Musk, who currently owns about 9% of Twitter, said the company needs to be “transformed.”
“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 is quoted as saying in the filing.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said. “Twitter has extraordinary potential. I will unlock it.”
Musk is also facing a lawsuit for not disclosing his initial investment in the company to the SEC sooner.
Musk, who has over 81 million followers on the platform, has not tweeted since the filing was released.
This is a developing story. Please check back for updates.
