A securities filing detailing Elon Musk’s Thursday bid to buy Twitter for $54.20 a share reveals the unusual manner in which he broke the news to the company — including apparent transcripts of text messages and voicemails to the company’s board of directors Twitter.
Part of the file labeled “Script” includes a text message Musk sent on Wednesday, just hours before he went public with his offer. Although no recipient was specified in the filing, the message appears to have been addressed to Twitter Chairman Bret Taylor
“After thinking about it for the last few days, I have decided that I want to acquire the company and privatize it,” Musk said in the text.
“I will send you an offer letter tonight, it will be public tomorrow morning,” the message adds. “Are you available for a chat?”
The text message consisted of 281 characters – what, how Bloomberg first noticed, is just over Twitter’s character limit for a single post. It’s unclear if the length of the message was random.
The filing also includes a “voice script” detailing Musk’s remarks in what is likely to be a voicemail or phone call with a Twitter executive regarding the offer.
In the voice message, Musk notes that the offer is his “best and last” offer to buy Twitter.
“I’m not playing the back-and-forth game,” Musk said. “I went straight to the end. It’s a big price and your shareholders will love it. If the deal doesn’t work out, as I don’t have confidence in management nor do I believe I can drive the necessary changes in the public market, I would have to reconsider my position as a shareholder.”
“It’s not a threat, it’s just not a good investment without the necessary changes. And those changes won’t happen without privatizing the company,” Musk added.
Concluding, Musk urged the Twitter director to reach out to his team with questions about the offer after the company’s board of directors received his formal letter detailing the offer.
“After you receive the letter and review the public records, your team can call my family office with questions,” Musk said.
Twitter’s board of directors acknowledged receipt of Musk’s offer and said it would “carefully review the proposal to determine what course of action it believes is in the best interests of the company and all Twitter shareholders.”
The document provides a rough timeline for Musk’s dealings with Twitter after deciding to take it over. Musk became Twitter’s largest single shareholder earlier this month and turned down a seat on the company’s board after disagreements with executives over his future.
The SEC filing also includes the full text of Musk’s letter to Taylor, which can be read in full below.
President of the Board of Directors
I invested in Twitter because I believe in its potential to be the platform for free speech around the world and that free speech is a societal imperative for a functioning democracy.
However, since my investment, I have come to realize that the company will not thrive in its current form, nor will it serve this societal imperative. 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 premium of 54% from the day before I started investing in Twitter and a premium of 38% from the day before my investment was made public. My offer is my best and final offer and if not accepted I would have to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.
/s/ Elon Musk
https://nypost.com/2022/04/14/read-elon-musks-text-voice-messages-to-twitter-ahead-of-offer/ Read Elon Musk’s text, voice messages on Twitter ahead of the offer