Yes, you've read right. Elon Musk offered to buy 100% of Twitter ($TWTR) and make the company private.
In his request, made public as a SEC (United States Securities and Exchange Commission) document, Musk states that the company (Twitter) would not achieve the goals he has for the company, as long as he remains a minority share holder.
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.Elon Musk to Bret Taylor (Twitter, Chairman of the Board)
Musk is offering to buy all the TWTR shares for $54.20:
As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash
This means a 18% higher price than Twitter's last closing price at $45.85. Musk claims that this is a great deal for current shareholders.
However Twitter's highest stock price was above $70. The bid may be too low to be widely accepted.
Pre-Market movement shows TWTR up more than 6% after the news.