Musk, the billionaire Tesla and SpaceX boss, has proposed buying “100 per cent of Twitter for $54.20 per share in cash”, which values the company at around $43bn.
According to Musk's Securities and Exchange Commission filing, this represents a 54 per cent premium on the share price over the day before he began investing in the company in late January.
In his filing, Musk wrote “I don’t have confidence in management” and stated that he couldn’t make the changes he wanted to make to Twitter in the public market.
If his offer is not accepted, Musk said he would “need to reconsider my position as a shareholder,” according to a letter sent to Bret Taylor, Twitter’s chairman and also co-CEO at Salesforce, which was included in the SEC filing. “Twitter has extraordinary potential. I will unlock it,” Musk wrote.
Earlier this month, it was announced that Musk had bought a 9 per cent stake in Twitter and was subsequently invited to join its board, only for...