Best-and-final offer letter to buy Twitter at $54.20

From:: Elon Musk
Date:: April 13, 2022
To:: Bret Taylor, Chairman of the Board, Twitter

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

About this email

Musk tells Twitter's chairman he invested because he believes in Twitter as the platform for free speech, says it must be transformed as a private company, and offers $54.20 a share in cash as a best and final offer.

Notes

Letter delivered to Twitter on April 13, 2022 and filed by Musk with the SEC the next day; the filing does not say whether it was transmitted by email. The same exhibit also contains a script Musk sent by text/voice, which is excluded here as a text message. Paragraph breaks reconstructed from the retrieval tool's numbered paragraph listing.

Where it came from

Published by Musk; attribution confirmed.

Twitter/X, board, investors & advisers. Tags: acquisition, twitter-offer, free-speech, sec-filing

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