Tesla boss has offered to buy up 100% of Twitter stock
The Tesla chief and the largest single shareholder of Twitter, Elon Musk, has offered to acquire all shares of the social media giant at $54.20 per share in cash, according to Bloomberg Terminal. The overall worth of this buy in USD would come to $41.3 billion in cash.
ELON MUSK – PROPOSED TO ACQUIRE ALL OF TWITTER STOCK NOT OWNED BY THE REPORTING PERSON FOR ALL CASH CONSIDERATION VALUING STOCK AT $54.20 PER SHARE$TWTR
— *Walter Bloomberg (@DeItaone) April 14, 2022
Musk has stated that this is his best and final offer and, should his offer be rejected, he will have to reconsider his position as a shareholder in the company.
This news has sent Twitter shares up 13.6% premarket. As for the Tesla share price, it dropped 1.4% premarket.
— Squawk Box (@SquawkCNBC) April 14, 2022
Musk believes that Twitter should become a private company in order for the necessary changes to be implemented.
He has stated that he believes Twitter has a potential to become a global free speach platform.
Earlier, Musk astonished the community by announcing that he had purchased over 9% of Twitter shares, becoming the single biggest shareholder. He was appointed to join the board but declined it.
Musk was also sued by other Twitter shareholders for disclosing his ownership of TWRT too late, making them miss out on the recent run-up in the Twitter stock price caused by Musk’s disclosure.
While considering joining the board, Musk suggested introducing the “edit button” and offered to accept DOGE payments for Twitter Blue subscription.