Joe Kinsey
Videos by OutKick
According to an SEC filing made Wednesday, Elon Musk offered to buy all outstanding Twitter common stock at $54.20. The buyout price would represent a 54% premium over the closing price of Twitter stock on January 28, 2022, which was the day before Musk started investing in the stock, the 13D filing states.
At $54.20, the final purchase price for Musk would be $41 billion to complete the takeover, Reuters reports.
“As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made,” Musk says in the document. “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?”
Elon Musk Could Buy A Sports Empire With His Twitter Billions
Musk also noted that this is his best and final offer.
“I am not playing the back-and-forth game,” the billionaire adds. “I have moved straight to the end. It’s a high price and your shareholders will love it. 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.”
— Elon Musk (@elonmusk) April 7, 2022
Even though this might be construed as a threat, Musk says it’s not while making it clear that “it’s simply not a good investment without the changes that need to be made.”
And with his final salvo at Twitter, Musk finishes his statement by adding “And those changes won’t happen without taking the company private.”
Earlier this week, Musk withdrew his interest in joining Twitter’s board of directors which would have included a share restriction after his initial purchase of $2.8 billion in Twitter stock.
Wednesday, OutKick founder Clay Travis called on Musk to just go forth and purchase control of the social media company and by the end of the day that’s exactly what had happened.
This morning’s @FoxNews hit talked @twitter censorship of lab leak theory, @billmaher on @joerogan & why @elonmusk needs to buy control of @twitter: pic.twitter.com/qEUYFCvzjh
— Clay Travis (@ClayTravis) April 13, 2022
What on earth does Twitter do now? Do they dare say no to an offer like that, and try to seriously argue they have their shareholders’ best interest in mind with such a decision? If somehow they do that, does the stock price then plummet? Does Musk sell all his shares to indicate that’s happening and start a chain reaction? If it does will he buy it all back up anyway after it tanks? Or will Twitter just sell and scurry off? Who knows? Twitter seems to have their jersey pulled over their head about to be pulverized by a big, nasty enforcer. Grab the popcorn.
I guess the argument for the stock tanking is that it’s happened before and things ended up being fine.
I’m ghost my popcorn ready for the reaction of blue checkmark worshipers.
Shit hitting the fan now EM knows what he’s doing they either sell to him at a nice premium for shareholders I might add or not and EM he sells his huge position and the stock tanks this is why EM rock and a hard place LOL
Relying on my vast knowledge of hostile takeovers from watching ‘Wall Street’ a million times, isn’t the decision to sell up to a shareholder vote and not the board and CEO? If so, I don’t know how Musk doesn’t succeed