Elon Musk is moving to snap up Twitter for $54.20 per share in cash, about 54% premium over the Jan. 28 closing price and a value of about $43 billion, calling the bid “best and final,” according to reports and a filing with the U.S. Securities and Exchange Commission on Thursday (April 14).
The billionaire and Tesla CEO wants to take Twitter private and build it into a platform for “free speech,” according to a filing. The move follows Musk’s purchase of 9% of the company last week and his decline of a board seat.
See also: Twitter Shares Skyrocket as Elon Musk Takes $2.9B Stake
The world’s richest person said if his offer isn’t accepted he might have to rethink his position as a shareholder in Twitter, The Wall Street Journal reported.
“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” Musk said in the filing.
With over 80 million followers on Twitter, Musk’s tweets are closely watched, and he has not been shy about the changes he’d like to make to the social platform. When his stake in the company became public, Musk tweeted to his followers about possible moves, including converting Twitter’s San Francisco headquarters into a homeless shelter and adding an edit button for tweets.
Read more: Musk on Twitter Blue: Cut Price, Ban Ads, Allow Dogecoin Payments
Twitter Blue, the social media platform’s premium subscription service, is a particular focus of Musk’s, with proposals that include cutting the price, banning ads, and crypto payments. Twitter Blue debuted in June 2021 and offers exclusive, premium features on a monthly subscription basis.
According to the Bloomberg Billionaire’s Index, Musk is valued at roughly $260 billion. Twitter’s market valuation is around $37 billion.