Tesla and SpaceX CEO Elon Musk offered to buy 100% of Twitter for $54.20 per share in cash, according to a Securities and Exchange Commission filing released Thursday.
“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,” Musk said.
Musk, who currently owns 9.2% of Twitter, said the company needs to be “transformed.”
“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 is quoted as saying in the filing.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said. “Twitter has extraordinary potential. I will unlock it.”
Musk is also facing a lawsuit for not disclosing his initial investment in the company to the SEC sooner.
This is a developing story. Please check back for updates.