Even given the extra time he awarded himself, Elon Musk wasn’t able to buy up every Twitter share ahead of announcing his passive stake/pressure point/practical joke. But now the richest man on earth would like to rectify that oversight and, instead of simply joining the board of the social media platform he loves to hate and hates to love, become the board unto himself.
“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,” he wrote. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder….”
The news comes just days after Twitter CEO Parag Agrawal warned investors of “distractions ahead.”
Can’t imagine what might have given you that ominous feeling, Parag. Anyway, given that Musk would presumably have to offload a rather large portion of his $170 billion stake in Tesla to raise the cash, still think it’s meaningless, Ron Baron? Actually, wait: You’re probably right, although you’re probably also not happy about what it currently appears to be doing to your own rather sizeable slug of Tesla shares, because for all of Musk’s hifalutin talk of free speech, there’s also this. And, you know, some other stuff.
The offer price also includes the number 420, widely recognized as a coded reference to marijuana. He also picked $420 as the share price for possibly taking Tesla private in 2018, a move that brought him scrutiny from the SEC.
“There will be host of questions around financing, regulatory, balancing Musk’s time (Tesla, SpaceX) in the coming days,” said Dan Ives, analyst at Wedbush.
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