The offer price for Tesla’s chief executive, $54.20 per share, was 38% more than the closing stock price of Twitter’s stock the day before his 9.2% investment was made public.
He wrote to Bret Taylor, Twitter chairman, that he had invested in Twitter because he believed it could be the platform for free expression around the world.
“Since I made my investment, I now realize that the company will not thrive or serve this societal imperative in its current state.
“Twitter must be transformed into a private company.”
He said, “My offer is my final and best offer. If it is rejected, I would have to reconsider my position in the shareholder club.”
He was quoted in the filing as saying that “this isn’t a threat, but it’s just not a good investment without making the necessary changes.”
He stated that he doesn’t have confidence in management and doesn’t believe he can drive the required change while the company remains private.
Due to the high price, he said that the deal will be a hit with shareholders.
This comes days after the billionaire rejected a spot on the board of the social media company.
He would have been prevented from taking the seat on the board in the event of a takeover.
Musk currently owns 73.486,938 Twitter followers, worth PS3.3bn.
Although he is a regular Twitter user with more than 80 million followers, he isn’t the first to criticize the platform for its approach to free speech.
Mirabaud Equity Research’s Neil Campling said that “The Elon ego is landed.”
“This is a hostile takeover proposal that will cost him a lot of money – a.k.a. To fund the deal, he will need to sell some Tesla stock (or a large loan against it).
