Musk says he invested in Twitter because he believed in its potential to be the platform for free speech around the world, which must be a “social imperative” for democracy.
In a move that looks more like a thread, Elon Musk, founder of Tesla and SpaceX, now wants to buy Twitter and take the company private to make the changes he deems necessary. The new step comes after the revelation of the purchase of 9.2% of the platform’s shares and the billionaire’s refusal to join the board of directors after the invitation of Parag Agrawal, ceo of the social network.
In a document filed with the SEC, the US Securities and Exchange Commission, Musk, offers US$ 54.20 (about R$ 254) per share, which would give about US$ 43 billion – approximately R$ 200 billion in current conversion . Twitter’s market value is around US$ 37 billion – or R$ 174 billion. The amount, under the proposal, means a 38% premium to the closing price of the common shares on April 1, 2022.
In a message to Bret Tailor, chairman of Twitter’s board, Musk says he invested because he believes in the network’s potential to be the platform for freedom of expression around the world, which must be a “social imperative” for democracy. “However, since I made my investment, I now realize that the company will not thrive or meet this social imperative in its current form. Twitter needs to be turned into a privately held company,” he says.
The billionaire also said that the move does not represent a game of “back and forth” and that it has been transparent since the beginning of the talks. “If the deal doesn’t work out, since I don’t have confidence in the administration nor do I believe it can lead to the necessary change in the public market, I would need to reconsider my position as a shareholder”, he added, stating that the statement does not represent a “threat”, but an analysis from an investment point of view.
