Home BUSINESS Elon Musk offers to buy Twitter for $41 billion

Elon Musk offers to buy Twitter for $41 billion

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Twitter shares  halted as Elon Musk Proposes to buy company again
Twitter shares  halted as Elon Musk Proposes to buy company again

Tesla CEO Elon Musk has offered to buy 100 percent of Twitter for $54.20 per share in cash, stating that he wants it to be transformed as a private company.

Musk’s offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday April 14, 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.

The filing showed Musk was offering to pay a total of $41.39 billion (€37.92 billion) to buy the platform.

That amounts to $54.20 per share, up 38% on the price per share before Musk bought over 9% of shares on April 1. Twitter’s share price jumped markedly in pre-market trading, already approaching the value Musk had offered.

“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,” Musk said.

Earlier this week, Musk said he had abandoned a plan to join Twitter’s board, just as his tenure was about to start. Taking the board seat would have prevented him from a possible takeover of the company.