Tesla CEO Musk has offered $54.2 a share in cash, calling the price his best and last offer.
A United States Securities and Exchange Commission filing revealed Elon Musk’s message to Twitter chairman Bret Taylor when he made a bid to buy social media company.
Below is a full transcript of a voicemail and letter Musk sent to Taylor outlining his terms and proposal.
[SENT VIA TEXT]
As I indicated this weekend, I think the company should go private to go through the changes that need to be made.
After several days of thinking about this, I have decided that I want to acquire the company and take it private.
I’m going to send you an offer letter tonight; It will be public in the morning.
Are you available to chat?
one. best and final
a) I am not playing the back and forth game.
b) I have moved directly to the end.
c) It’s a high price and your shareholders will love it.
d) If the operation does not work out, since I do not have confidence in the management nor do I believe that it can drive the necessary change in the public market, I would have to reconsider my position as a shareholder.
i) This is not a threat; it’s just not a good investment without the changes that need to be made.
ii) And these changes will not occur without privatizing the company.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
two. My advisors and team are available after receiving the letter to answer any questions.
a) There will be more details in our public presentations. After receiving the letter and reviewing the public filings, your team can call my family office with any questions.
In a formal letter to Bret Taylor, chairman of Twitter’s board of directors, Musk said:
I invested in Twitter because I believe in its potential to be the platform for freedom of expression around the world, and I believe that freedom of expression is a social imperative for a functioning democracy.
However, since making my investment, I now realize that the company will not thrive and meet this social imperative in its current form. Twitter needs to transform into 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 started investing in Twitter and a 38% premium over the day before I publicly announced my investment. My offer is my best and last offer and if it is not accepted I would have to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.