Elon Musk offered to buy Twitter for $43 billion, days after announcing he won’t be joining the company’s BoD, & a week after acquiring a 9.2% stake.
Twitter would no longer be public
Musk wants to take the company private. He believes in Twitter’s potential to be the go-to platform for free speech but doesn’t see it achieving that as long as it remains public.
The deets
Musk’s offer, which came in at $54.2/share, is “best and final”. If it’s not accepted, Musk will reassess his entire position as a shareholder.
Why this matters
Musk took investors on an emotional ride the past week. Investors were curious to see if the initial 9.2% stake could turn into something bigger. But then Twitter offered Musk a seat on its board of directors, restricting him to owning no more than a 14.9% stake. Musk then declined that offer, reigniting investor beliefs that a full-on takeover could be on the cards. And now here we are, with Twitter shares trading near $50 a pop.
