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Elon Musk has essentially backed Twitter into a corner with his latest move.
This morning in a letter to Twitter Musk wrote, "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."
Removing his position as a shareholder in the social media platform could be detrimental to Twitter.
Twitter has since responded to Elon's offer saying, “the Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
It's been said for a few years now that Twitter is dying. Can Elon Musk be the change the platform needs?