Now that Elon Musk has taken a nearly 10% stake in Twitter, why not go all the way? That’s precisely what he’s doing, as explained in an updated 13D filing, offering to purchase Twitter for $54.20 per share in cash.
The filing read that Musk offered “to acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.”
Here is the letter Musk sent to Twitter’s chairman disclosed in the 13D filing.
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.
Shares in the social media platform soared as much as 18% on the news.
These investment management firms are missing out on the Musk gains; Melvin Capital dumped its position as of 12/31/21 filings.