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Here’s Elon Musk’s proposal to buy Twitter – in his own words

Tesla CEO Musk has offered $54.2 per share in cash, calling the price his best and final offer.

(FILES) In this file photo taken on March 9, 2020 Elon Musk, founder of SpaceX, speaks during the Satellite 2020 at the Washington Convention Center in Washington, DC. - Tesla chief Elon Musk has launched a hostile takeover bid for Twitter, insisting it was a "best and final offer" and that he was the only person capable of unlocking the full potential of the platform. (Photo by Brendan Smialowski / AFP)
Elon Musk says he wants to make Twitter a private company [File: Patrick Pleul/Reuters]
Published On 14 Apr 2022

A filing from the United States Securities and Exchange Commission has disclosed Elon Musk’s message to Twitter’s Chairman Bret Taylor, as he made an offer to buy the social media company.

Below is a full transcript of a voice message and a letter Musk sent to Taylor where he specifies his conditions and his proposal.

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list of 3 itemsend of list

[SENT VIA TEXT]

As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made.

After the past several days of thinking this over, I have decided I want to acquire the company and take it private.

I am going to send you an offer letter tonight; it will be public in the morning.

Are you available to chat?

[Voice Script] 

1. Best and Final

a) I am not playing the back-and-forth game.

b) I have moved straight to the end.

c) It’s a high price and your shareholders will love it.

d) If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.

i) This is not a threat; it’s simply not a good investment without the changes that need to be made.

ii) And those changes won’t happen without taking the company private.

2. My advisers and my team are available after you get the letter to answer any questions.

a) There will be more detail in our public filings. After you receive the letter and review the public filings, your team can call my family office with any questions.

In a formal letter he sent to Bret Taylor, chairman of Twitter’s board, Musk said:

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.

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.

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.

Twitter has extraordinary potential. I will unlock it.

Source: Al Jazeera