Following the revelation that Musk had become Twitter’s biggest individual shareholder earlier in the month, Musk began polling his Twitter followers on questions about how to ‘fix’ the platform.
As per Musk’s note to the SEC:
“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.”
Musk is now outlining a vague plan to take Twitter into private ownership, in order to reduce its reliance on shareholders and ad dollars, thereby enabling it to make truly independent decisions for the good of public debate.
“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.”