Elon Musk Offers To Buy Twitter For $41 bn At $54.20 Per Share
April 14, 2022
1 Min Read
SpaceX chief and billionaire investor Elon Musk has offered to buy Twitter for nearly $41 billion.
Just days ago, Musk had rejected an offer to join the social media company’s board – a move that would have impeded a possible takeover bid.
Musk’s offer price of $54.20 per share was disclosed in a regulatory filing on Thursday, news agency Reuters reported.
“The price represents a 38 per cent premium to Twitter’s 1 April close, the last trading day before the Tesla CEO’s more than 9 per cent stake in the company was made public,” the report said.
“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,” Musk said in a letter to Twitter Chairman Bret Taylor.“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said, according to Reuters.
Twitter’s shares jumped 12 per cent in pre-market trading.