Twitter on Thursday issued a press release addressing the news that billionaire Tesla founder Elon Musk has indeed offered a bid to buy the platform in cash and take it private.
In a statement on the matter, Twitter referred to the bid as “unsolicited” and a “non-binding proposal” and said board members would “carefully review” the proposal.
“Twitter, Inc. today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash,” the statement said.
“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,” Twitter added.
News broke Thursday morning that Musk has offered to buy 100% of Twitter at $54.20 per share in cash — a deal that could exceed $40 billion, The Daily Wire reported.
Musk notably emphasized to Twitter Chairman Bret Taylor that he believes “free speech is a societal imperative for a functioning democracy” and that this offer is his “best and final,” an SEC filing reveals. Here’s Musk’s letter to Taylor:
Bret Taylor
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.
/S/ Elon Musk
This is a breaking news story; please check back for updates.