Tesla CEO Elon Musk has put in an offer to purchase all of Twitter for a whopping $43 billion, according to a Securities and Exchange Commission (SEC) filing from the morning of April 14.
The news comes just a few days after Musk chose not to join the social media company’s board of directors following his purchase of a 9% stake in the company.
On April 14, the Tesla CEO announced that he was willing to pay $54.20 per share — which amounts to a 54% premium over the stock’s price prior to Musk’s purchase of his stake in the company.
In a statement, Musk said that he thinks the social media platform has amazing potential — which he believes he will be able to unlock as its sole, private owner.
“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,” Musk wrote in a letter that was included in his SEC filing.
“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,” the Tesla CEO continued. “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,” Musk added. “I will unlock it.”
Responding to Musk’s bid, Twitter said that it would “carefully review the proposal.”
“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” the company’s statement read.
On April 14, following the announcement, pre-market trading of Twitter stock was up approximately 11%.