Elon Musk tries to buy Twitter for $41billion: Tesla CEO offers $54.20 a share
Elon Musk tries to buy Twitter for $41billion: Tesla CEO offers $54.20 a share
Billionaire Elon Musk has offered to buy Twitter for $41.39 billion, a regulatory filing showed on Thursday.
Musk’s offer price of $54.20 per share represents a 38 percent premium to the closing price of Twitter’s stock on April 1, the last trading day before the Tesla CEO’s over 9 percent investment in the company was publicly announced.
The outspoken Tesla CEO, known for his social media antics, told Bret Taylor, the Chairman of the Board: ‘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 percent of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38 percent 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.
‘Twitter has extraordinary potential. I will unlock it.’
It comes after analysts have speculated that Elon Musk‘s roller coaster journey as Twitter‘s largest shareholder could be part of a ploy to stage a hostile take-over of the company.