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Elon Musk offered to buy Twitter for $54.20 a share, saying the social media company needs to be transformed privately.
Twitter shares jumped 12% in premarket trading after closing at $45.85 a share on Wednesday.
Here was the letter Musk sent to Twitter Chairman Bret Taylor, as disclosed in a securities filing:
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.