Elon Musk will pay
$54.20 per share in cash, representing a 54 per cent premium over the Jan 28
closing price and a value of about $43 billion
April 14, 2022 by
Bloomberg
Elon Musk has made a
“best and final” offer to buy Twitter Inc., saying the company has
extraordinary potential and he will unlock it.
The world’s richest man
will pay $54.20 per share in cash, representing a 54 per cent premium over the
Jan 28 closing price and a value of about $43 billion. The social media
company’s shares soared 18 per cent.
Musk, 50, announced the
offer in a filing with the U.S. Securities and Exchange Commission on Thursday.
The billionaire, who also controls Tesla Inc., first disclosed a stake of about
9 per cent on April 4.
The executive is one of
Twitter’s most-watched firebrands, often tweeting out memes and taunts to @
Elon Musk’s more than 80 million followers.
He has been outspoken
about changes he’d like to consider imposing at the social media platform, and
the company offered him a seat on the board following the announcement of his
stake, which made him the largest individual shareholder.
After his stake became
public, Musk immediately began appealing to fellow users about prospective
moves, from turning Twitter’s San Francisco headquarters into a homeless
shelter and adding an edit button for tweets to granting automatic verification
marks to premium users.
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