In a filing with the SEC, Musk said that the deal would be good for free speech. Musk plans to take the company private if the deal goes through.
Musk made a final offer for $54.20 per share in cash, a premium of 54 percent over the January 28th closing price. On the news, the shares of the company shot up 18 percent. If the offer is rejected, Musk might dump his current position.
Musk said in the filing that he was offering to buy 100 percent of the company for $54.20 per share in cash, a 54 percent premium over the day before he began investing.
In a separate text, presumably to the CEO, Musk said that he was not playing the back-and-forth game. It is a high price and your shareholders will love it. If the deal doesn't work, I would need to rethink my position as a shareholder. This is not a threat, it is simply not a good investment without the changes that need to be made.
When Musk purchased a 9.2 percent share in the company, he was offered a seat on the board of directors. He declined the position on the board, fueling speculation that he might purchase the company.
He addressed all that in the SEC filing. It has extraordinary potential. I will open it.
Adding to the drama, Musk is facing a lawsuit from shareholders for a delay in revealing his 9.2 percent investment. Even if the price is higher than the current price, shareholders will still vote on it.
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