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Just a few days after rejecting a seat on Twitter’s board, world’s richest man Elon Musk has now offered to buy the social media company.
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Updated : Apr 14, 2022, 06:30 PM IST
 "Elon Musk | File Photo")
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Days after it was announced that Elon Musk will not take up a position on the board of Twitter after becoming the top shareholder, the Tesla CEO on Thursday offered to buy Twitter at an estimated $41 billion. Making his “best and final” offer of $54.20 per share in cash to buy 100 percent of the microblogging platform.
Elon Musk has offered to “acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share,” as per the updated filing with US Securities and Exchange Commission. After the news broke, shares of Twitter surges almost 18 percent in pre-market trading.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” said the Tesla CEO. As per the world’s richest man, Twitter, the largest microblogging platform, needs to go private in order to undergo the changes that are required.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
“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,” he added in the filing.
Only days ago, Musk decided to abandon his plan to take up a seat on the board of Twitter. Joining Twitter’s board would have prevented Musk from a possible takeover of the social media company, as per a Reuters report.
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Twitter responded confirming that it “has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company's outstanding common stock for $54.20 per share in cash.”
“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” it said in a press release.
(With inputs from agencies.)
