Tuesday, 28 June, 2022
HomeWorldElon Musk offers to buy Twitter for $41 bn at $54.20 per...

Elon Musk offers to buy Twitter for $41 bn at $54.20 per share

Just days ago, Musk had rejected an offer to join the social media company's board – a move that would have impeded a possible takeover bid.

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New Delhi: SpaceX chief and billionaire investor Elon Musk has offered to buy Twitter for nearly $41 billion.

Just days ago, Musk had rejected an offer to join the social media company’s board – a move that would have impeded a possible takeover bid.

Musk’s offer price of $54.20 per share was disclosed in a regulatory filing on Thursday, news agency Reuters reported.

“The price represents a 38 per cent premium to Twitter’s 1 April close, the last trading day before the Tesla CEO’s more than 9 per cent stake in the company was made public,” the report said.

“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, according to Reuters.

Twitter’s shares jumped 12 per cent in pre-market trading.


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