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Tuesday, September 27, 2022

Billionaire Elon Musk Offers $41 Billion For Twitter

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Billionaire CEO of Tesla, Elon Musk has offered to buy Twitter for $41 billion just days after rejecting a seat on the company’s board.

This offer which is an equivalent of the price of $54.20 per share, was made public in a regulatory filing made on Thursday. The social media giant, Twitter has seen a significant rise in share price since Musk’s first purchase of 9% Stake of Twitter previously. The shares jumped 12% in the premarked trading

Elon Musk said in a letter to the chairman Bret Taylor,

“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,”

He also said, “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 declined an offer of taking on a seat on this week as he should have as the largest shareholder. He said taking the board seat would have prevented him from a possible takeover of the company.

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