Elon Musk Offers to Take Twitter Private

Posted on 04/14/2022

Elon Musk launched a US$ 41.39 billion bid to buy Twitter, Inc., saying the proposed deal is part of his plan to bring “free speech around the globe.” Musk’s offer price of $54.20 per share comes just days after he rejected a seat on Twitter’s board, represents a 38% premium to Twitter’s April 1 close. Elon Musk holds 73,115,038 shares or 9.13% of Twitter. Vanguard Group remains the largest shareholder of Twitter at 82,403,665 shares, or 10.29%. The share figures are based off SEC data.

Hours later……Al Waleed bin Talal Al Saud, a Saudi Arabian billionaire and Chairman of Kingdom Holding Company (KHC), tweeted, “I don’t believe that the proposed offer by @elonmusk($54.20) comes close to the intrinsic value of @Twitter given its growth prospects. Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.”

Elon Musk then tweeted back….

SEC Filings, link: https://www.sec.gov/Archives/edgar/data/0001418091/000110465922045641/tm2212748d1_sc13da.htm

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Exhibit B

Bret Taylor

Chairman of the Board,

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. Twitter needs to be transformed as a private company.

As a result, 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.

Twitter has extraordinary potential. I will unlock it.

/s/ Elon Musk

Elon Musk



As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made.

After the past several days of thinking this over, I have decided I want to acquire the company and take it private.

I am going to send you an offer letter tonight, it will be public in the morning.

Are you available to chat?


1. Best and Final:
a. I am not playing the back-and-forth game.
b. I have moved straight to the end.
c. It’s a high price and your shareholders will love it.
d. If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.
i. This is not a threat, it’s simply not a good investment without the changes that need to be made.
ii. And those changes won’t happen without taking the company private.

2. My advisors and my team are available after you get the letter to answer any questions
a. There will be more detail in our public filings. After you receive the letter and review the public filings, your team can call my family office with any questions.

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