The billionaire and head of Tesla, Elon Musk, has offered to buy the social network Twitter, saying that he is the right person to “unlock the extraordinary potential” of the platform.
In a surprising announcement, Musk indicated that he would pay US$20,20 per share, raising the value of the firm to US $54.000 millions.
A few days ago, the businessman had become the largest shareholder of Twitter by buying a large part of its shares.
Musk added that, if his offer is not accepted, “he would need to reconsider” his position as a shareholder.
A document issued by the United States financial regulator seems to reveal the messages with which Musk addressed the Twitter board of directors, announcing his idea to acquire the company last weekend.
In his messages, Musk assured that he was not “playing a two-way game” and insisted that the shareholders would “love the high price ” that the company was offering.
“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 functional democracy,” Musk said, according to the financial regulator’s document. I was American.
“However, since my investment I have realized that the company will neither prosper nor serve this social imperative in its current form. Twitter needs to transform into a private company. Twitter has extraordinary potential. I’m going to unlock it, “he added.
Twitter offered Musk a seat on its board of directors after learning that he had acquired 9.2% of the company. This position was going to take effect last weekend, but Musk decided to reject it.
Musk’s messages to the Twitter board of directors
As I indicated this weekend, I think the company should be privatized to face the changes you need. After thinking about it in the last few days, I have decided that I want to acquire the company and privatize it.
I will send you a letter with an offer tonight, it will go public in the morning.
Are they available for to talk? I’m not playing a back-and-forth game.
I have gone directly to the end. It’s a high price and your shareholders will love it.
If the deal is not it works, given that I do not trust the management nor do I believe that it can lead the necessary change in the public market, I would reconsider my position as a shareholder.
This is not a threat, it’s just not a good investment without the changes that are needed. And those changes will not happen without privatizing the company.
Parag Agrawal, chief executive of the social network, tweeted that Musk’s decision not to take a seat on the board of directors was “the best”.
“We value and will always value the contributions of our shareholders, whether they are on our board or not. Elon is our largest shareholder and we will remain open to his input,” he said.
And he warned his staff: “there will be distractions ahead.”
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