Twitter,ElonMusk
Elon Musk offers to buy Twitter
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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
