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Twitter shares jump 5% on reports that it’s ready to accept Elon Musk’s bid

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Elon Musk offers to buy Twitter for $43 billion, so it can be ‘transformed as
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Elon Musk offers to buy Twitter for $43 billion, so it can be ‘transformed as
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ELON MUSK OFFERS TO BUY TWITTER FOR $43 BILLION, SO IT CAN BE ‘TRANSFORMED AS
PRIVATE COMPANY’

Published Thu, Apr 14 20226:20 AM EDTUpdated Thu, Apr 14 20228:58 PM EDT
Samantha Subin@samantha_subin
WATCH LIVE
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Key Points
 * Elon Musk offered to buy Twitter for $54.20 a share, or about $43 billion.
 * “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 wrote in a letter sent to
   Twitter Chairman Bret Taylor.

In this article

 * TWTR+2.55 (+5.21%)
   

watch now
VIDEO4:5504:55
Twitter’s board has ‘no choice’ but to reject Elon Musk’s offer, says Jim Cramer
Squawk on the Street


Elon Musk offered to buy Twitter for $54.20 a share in a filing published
Thursday, saying the social media company needs to be transformed privately, a
little over a week after revealing a 9.1% stake in the company. Musk’s offer
values Twitter at about $43 billion.

“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 wrote in a letter sent to Twitter Chairman Bret
Taylor and disclosed in a securities filing.



Twitter shares closed down 1.68% on Thursday. Tesla’s stock dipped more than
3.6% on the news.

According to Musk, the social media company needs to go private because it can
“neither thrive nor serve” free speech in its current state.

“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,” he wrote. “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 tapped Morgan Stanley as a financial advisor, according to the filing.

He claimed later on Thursday during a talk at TED2022 that he isn’t interested
in acquiring Twitter to make money off it and even said he’s not sure if he’ll
even be able to buy the company.




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“This is not a way to sort of make money... it’s just that I think my strong,
intuitive sense is that having a public platform that is maximally trusted and
broadly inclusive, is extremely important to the future of civilization,” Musk
said at TED2022. “But yeah, I don’t care about the economics at all.”

He also said during the talk that he would try to retain as many shareholders as
possible for a private company.

The news comes just days after Twitter CEO Parag Agrawal warned investors of
“distractions ahead.”

“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,” the company said in a statement Thursday in response
to the offer. CNBC’s David Faber reported on “Squawk on the Street” that
Twitter’s board will meet at 10 a.m. to evaluate the bid, per people familiar.

Musk first disclosed his stake in the social media giant on April 4. He later
landed a seat on the company’s board of directors before reversing those plans.

The Tesla CEO has previously criticized the social media giant publicly, polling
people on Twitter last month about whether the company abides by free speech
principles. He also said he was considering building a new social media
platform.

Shares of Twitter have seesawed in recent weeks amid the news from Musk, but are
up 6% this year and 18.5% since the start of the month.

Here is the letter Musk sent as disclosed in a securities filing:

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.

Elon Musk

Later on Thursday, Agrawal reportedly told employees in a staff meeting that the
company is evaluating the offer.

VIDEO4:4104:41
Elon Musk offers to buy 100% of Twitter for $54.20 per share
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