Elon Musk, 9% is not enough for him: now he wants to acquire 100% of Twitter

The answer to why Elon Musk refused to join Twitter’s board of directors would come. According to the Financial Times, the CEO of Tesla and SpaceX has made a “better and definitive” offer to buy 100% of Twitter valuing the company at $ 43.4 billion. This is what Musk said:

“My offer is my best and last and if it is not accepted I will have to reconsider my position as a shareholder. I invested in Twitter because I believe in its potential as a platform that offers free speech around the world, and I believe that free speech is a social imperative for a functioning democracy. However, since I made my investment I realize that the company can neither thrive nor serve this social imperative in its current form. Twitter needs to be transformed as a private company.”
Musk’s offer of $54.20 per share comes just days after the acquisition of a 9% stake in the popular social network, becoming its largest shareholder. Elon Musk yesterday filed the purchase offer with the US Securities and Exchange Commission.

The filing states that the offer of $54.20 is 38% higher than the price of the shares acquired in early April, the day before the purchase was announced. Meanwhile, Twitter’s shares rose more than 13 percent, while Tesla’s shares fell 1.5 percent likely due to fears of “distractions.”

Precisely with regard to the acquisition of 9%, Musk will have to defend himself against a class action brought for having communicated the operation with a delay of 11 days compared to what is required by law. Musk, in fact, was required to file the documents with the SEC by March 24, which he would only do on April 4.