In an SEC filing, Musk made an offer to buy the company. The billionaire wants to pay $54.20 per share in cash. The social network would be worth $43.4 billion.
I invested in it because 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. The email is reproduced in the SEC filing. The company needs to be transformed into a private company.
As a result, I am offering to buy all of the stock in the company for $54.20 per share in cash, a 50% premium over the day before I began investing, and a 38% premium over the day before my investment was publicly announced. I would need to reconsider my position as a shareholder if my offer is not accepted.
In pre-market trading, the shares of the company are trading at $50.97 per share, which is a 11.97 jump compared to yesterday's closing price.
On April 4, it was confirmed that Musk had a stake in the social network. Musk became the largest shareholder of the company by purchasing a 9.2% share.
On the next day, it was announced that the best known of entrepreneurs would be joining the board of directors. Musk wouldn't be allowed to own more than 14.9% of the company as a board member.
Parag Agrawal later announced a major reversal. Musk told the company that he wouldn't join the board. There has been a lot of speculation about Musk's next move.
Many people thought that the billionaire would start a hostile takeover after giving up his board seat. Musk is the world's richest man. He is worth $273.6 billion according to Forbes. It is possible for Musk to buy Twitter, but it would be a significant investment.
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