Elon Musk has launched a $41 billion bid to buy Twitter, saying the proposed deal is part of his plan to bring “free speech around the globe” just days after rejecting a seat on the social media company’s board.
Musk’s offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38% premium to Twitter’s April 1 close, the last trading day before the Tesla CEO’s more than 9% stake in the company was made public.
The number "$54.20" has a special significance for pot enthusiasts – and for Musk himself, whose frequent inclusion of the reference in serious business dealings has spawned countless memes.
Just days earlier, Musk had joked about smoking weed at Twitter board meetings – sharing a meme of himself surrounded in smoke during his infamous 2018 appearance on “The Joe Rogan Experience” podcast.
Elon Musk
“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.”
Elon Musk
“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.”
In the filing, Musk used blunt language, telling the Twitter board: “I am not playing the back-and-forth game.”
Elon Musk
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
Analysts are predicting that Musk will ultimately succeed in his takeover bid.
Twitter
“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
Twitter CEO Parag Agrawal broke the news on his Twitter account earlier this week, describing Musk’s decision not to accept a seat on the board as “for the best” even as he warned workers they would face “distractions ahead,” Bloomberg reported.
Earlier this week, Musk said he had abandoned a plan to join Twitter’s board, just as his tenure was about to start. Taking the board seat would have prevented him from a possible takeover of the company.
The report cited interviews with Twitter employees who asked not to be identified while discussing the company’s inner workings. Several employees told the outlet that Twitter’s internal environment was a “s–t-show” after Musk’s deal with the board fell through.
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