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Twitter is seriously considering billionaire Elon Musk’s buy-out bid

After investing in the micro-blogging site, the SpaceX chief held Twitter needed to be transformed as a private company.

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New Delhi: Multi-blogging site Twitter is seriously considering the buy-out proposal by SpaceX chief Elon Musk, according to reports.

The billionaire had offered his “best and final” bid on April second week at $54.20 per share – which came to $41.39 billion – to “transform Twitter as a private company”.

Reports said Twitter may soon announce the $43 billion deal after its board recommended the deal to shareholders. They also added the deal may fall through at the last minute.

The world’s richest man made the Twitter offer in an updated filing several days ago. It followed an announcement by Twitter that shareholder Elon Musk would not join the company’s board of directors.

Taking the board seat would have stopped him from a possible takeover of the company, reports said.

Earlier, Musk had disclosed that he had taken a nine per cent stake in the social media platform.

The Tesla chief executive’s offer price of $54.20 per share was 38 per cent higher than the closing price of Twitter’s stock on April 1, the last trading day before his investment of 9.2 per cent in the company was publicly announced.

“Since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form,” Musk had said in a letter to Twitter chairman Bret Taylor.

“Twitter needs to be transformed as a private company,” he added. Musk said “Twitter  has extraordinary potential”.


Also read: Why Elon Musk’s Twitter takeover offer is not about free expression


 

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