Twitter Inc. said in a regulatory filing Thursday that Musk, who currently owns just over 9% of its shares and is the company’s largest shareholder, wrote a letter to the company on Wednesday containing a proposal to buy the remaining shares. of Twitter. which he does not already own. Musk offered $ 54.20 per share on Twitter.
“I invested in Twitter as I believe in its potential to be the platform for freedom of speech around the world, and I believe that freedom of speech is a social imperative for a functioning democracy,” Musk said in the statement. “However, since I made my investment, I now realize that the company will neither thrive nor serve this social imperative in its current form. Twitter must be transformed into a private company.”
Shares of Twitter jumped almost 12% before the market opened.
Initial steps taken by co-founder Jack Dorsey in November included a reorganization of the departments without significant changes. The company has long lagged behind its rivals in social media and can boast of far fewer users.
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