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 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.
