The CEO of SpaceX and Tesla is offering billions of dollars to buy one of the world’s premier social media platforms, almost sending his favorite crypto to the moon.
In a new tweet, Elon Musk revealed his U.S. Securities and Exchange Commission (SEC)-registered offer to purchase Twitter for $43 billion.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
The SEC filing contains a letter Musk sent to Twitter chairman of the board Bret Taylor on Wednesday, exploring Musk’s motives behind the deal.
“Bret Taylor
Chairman of the Board,
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.”
Though the board has yet to issue a public response, Musk has also reportedly said this is his “best and final” offer. If his offer is rejected, the largest Twitter shareholder says he’ll have to reconsider his investment in the social media platform moving forward.
In response to Musk’s offer, the billionaire’s favorite crypto, Dogecoin (DOGE), enjoyed a dramatic but brief spike in value. In a matter of hours, DOGE jumped 5.8% from $0.138 to $0.146. Dogecoin has since leveled off, currently trading for $0.139.
