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?”
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.