[NYSE: TWTR]: Elon Musk stated on Thursday that he has upped a bid to entirely buy out Twitter, surprising the globe just days after he decided to forego buying a 9% interest in the microblogging network. On Thursday, Musk posted the whole buyout offer letter on Twitter, detailing all of the details that have been sent to Twitter’s authorities for consideration in the sale.
Musk increased his offer to buy Twitter for $43 billion at a share price of $54.20, a 54 percent premium over the day he chose to invest in the network, according to Musk.
Chairman of the Board,
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’s offer letter will be studied by Twitter CEO Parag Agrawal and his team, who will give their thoughts on the offer and respond to the SpaceX founder in the next hours, if not days.
It’ll be interesting to watch how people react, and whether or not Parag and co. will even consider this offer.