Why it matters: The move, which Musk called his “best and final offer,” comes after the billionaire has repeatedly criticized Twitter, disclosed a 9.2% stake in the social media company and backed out of joining its board of directors.
What they’re saying: “I am not playing the back-and-forth game. I have moved straight to the end. It’s a high price and your shareholders will love it,” Musk told Twitter, per the filing.
“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.”
Pricing: Musk is offering an 18.2% premium to where Twitter shares ended trading on Wednesday, and a 38% premium to where they traded before his ownership stake was disclosed. However, Twitter shares traded above $60 as recently as last October.