Billionaire Elon Musk has offered to buy Twitter for about $41 billion, just days after rejecting a seat on the social media company’s board.
Musk’s offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38% premium to Twitter’s April 1 close, the last trading day before the Tesla CEO’s more than 9% stake in the company was made public.
Twitter’s shares jumped 12% in premarket trading, over the developments.
‘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.
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.
By: Reuters |
Updated: April 14, 2022 6:11:16 pmTesla CEO Elon Musk has offered to buy Twitter for $41 billion. (Image credit: Reuters)
Billionaire Elon Musk has offered to buy Twitter for about $41 billion, just days after rejecting a seat on the social media company’s board. Musk’s offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38% premium to Twitter’s April 1 close, the last trading day before the Tesla CEO’s more than 9% stake in the company was made public.
Twitter’s shares jumped 12% in premarket trading.https://platform.twitter.com/embed/Tweet.html?creatorScreenName=indianexpress&dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH0sInRmd19zZW5zaXRpdmVfbWVkaWFfaW50ZXJzdGl0aWFsXzEzOTYzIjp7ImJ1Y2tldCI6ImludGVyc3RpdGlhbCIsInZlcnNpb24iOjR9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1514564966564651008&lang=en&origin=https%3A%2F%2Findianexpress.com%2Farticle%2Ftechnology%2Ftech-news-technology%2Felon-musk-offers-to-buy-twitter-for-41-billion-dollars-7869260%2F&sessionId=64ddd4c1a0fe106c6efcfaca4ef2a631aaf70f43&siteScreenName=The%20Indian%20Express&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px
“Since making my investment I now realise 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.
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.
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