As reported this morning, barbarian at the gate Elon Musk offered to buy Twitter for $43 billion. It's "not a threat," Musk said in a statement along with the SEC filing. "It's simply not a good investment without the changes that need to be made. And those changes won't happen without taking the company private." Here's the full text of the letter Musk sent to Twitter board chair Bret Taylor:
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 percent of Twitter for $54.20 per share in cash, a 54 percent premium over the day before I began investing in Twitter and a 38 percent 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.
(image: public domain)