Twitter,ElonMusk
Tesla's top boss Elon Musk has offered to buy Twitter at $54.20 per share in cash, days after he declined an offer to join the social media platform's board following his acquisition of over 9 percent stake in the company, Reuters reported.
On April 4, Musk disclosed that he has purchased a 9.2 percent stake in Twitter, which also made him the biggest shareholder of Twitter.
The world’s richest man's offer represents a 38 percent premium to Twitter's April 1 close, the last trading day before the Tesla CEO's more than 9 percent stake in the company was made public, reported Reuters.
Musk, 50, announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
After the announcement, the social media company’s shares soared 18 percent.
"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.
As a director, Musk wouldn't have been able to buy more than 14.9 percent of Twitter's common stock as an individual or a member of a group.
Being outside the board, Musk now has the option to take over Twitter open.
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