It was updated on April 14, 2022.
According to a filing made to the U.S. Securities and Exchange Commission Wednesday, Musk offered to buy the company and build it into a platform for free speech.
Musk has offered to buy all of the company and turn it into a free speech platform.
Musk says in the SEC filing that he wants to take the company private at a price of $54.20 per share in an all-cash transaction.
Musk believes in the potential of the platform to become a free speech platform.
The company will not thrive nor serve this societal imperative in its current form, and the CEO argues that it needs to be taken private.
If his offer of $54.20 per share is not accepted, he will need to reconsider his position at the company.
The press release stated that the board will review the offer and determine its course of actions with the best interests of the company and its stockholders in mind.
Early on Thursday, the price of the company's stock was around $51.41, up more than 10%.
$43 billion. That is the approximate valuation of the company as per Musk's offer, which is a 54% premium over the company's value the day before he began investing in it.
The SEC pulled Musk up for suggesting that he wanted to take the company private at $420 per share. The $420 per stock offer was a reference to marijuana and Musk's belief in his girlfriend.
Last week, Musk disclosed that he had acquired a 9.2% stake in the company, which is worth around $3 billion. The acquisition made Musk the social media company's largest shareholder, prompting its CEO to offer him a seat on the board. Musk would have to agree to acquire no more than 14.9% of the company in order to shield it from a hostile takeover. Musk turned down the offer. The billionaire has accused the social networking site of failing to adhere to free speech principles.
If Musk goes Hostile, it will be missing a key defense.
Musk turned down the offer to join the board.
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