Elon Musk Offers to Buy Twitter for $43B in Cash. Elon Musk, the world’s richest man, has offered to purchase Twitter altogether after buying a stake in the company and then flip-flopping on whether he would join the board of directors. Musk made a “best and last” bid to purchase the social media network for $54.20 per share in cash in an SEC filing on Thursday. That works up to nearly $43 billion, or a 54% premium over the price of the Twitter stock before Musk’s initial investment was made public.
“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 said in the filing, directed to Twitter Chairman Bret Taylor. “However, 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.”
Read This:- Elon Musk buys Twitter shares
Forbes estimates that the Tesla creator and CEO’s net worth is over $260 billion, while Twitter’s market value is $36.7 billion.
Twitter’s stock was up 2% to roughly $46.80 in the early Thursday trade.
Musk also announced the news on Twitter, with a brief message that simply stated “I made an offer” and included a link to the SEC filing.
It’s the latest development in Musk’s spat with Twitter. Musk said on April 4 that he had purchased a 9.2 percent interest in Twitter in March, making him the company’s largest stakeholder. Musk will join the board of directors of Twitter a few days later, according to Twitter CEO Parag Agrawal. That lasted less than a week, as Agrawal announced on Twitter on April 11 that Musk would be leaving the board.
“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawal’s April 11 post read. “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best.”
Despite Musk’s claim that his offer is final, it’s doubtful that it will be the last headline created by the unfolding narrative. “If the deal doesn’t work,” Musk said in his filing, “given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.”
Twitter didn’t immediately respond to a request for comment