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Elon Musk Offers to Buy Twitter (TWTR) For Cash

Elon Musk Offers to Buy Twitter (TWTR) For Cash

Nick Cawley, Senior Strategist


Twitter (TWTR) and Elon Musk Latest

  • Elon Musk offers to buy Twitter
  • Twitter shares jump 13%.
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Tesla CEO Elon Musk has offered to buy all the remaining shares of Twitter (TWTR) that he does not own for $54.20 per share in cash, an offer he says that is ‘my final and best offer and if it is not accepted, I would need to reconsider my position as a shareholder’. Mr. Musk adds ‘Twitter has extraordinary potential. I will unlock it’.

The price offered is a 54% premium over the day before Elon Musk began investing in Twitter and a 38% premium over the day before his investment was publicly announced.

In a letter to Bret Taylor, the chairman of Twitter’s board, Mr. Musk said ‘I have 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’.

Elon Musk recently bought a 9.2% passive stake in Twitter and agreed to take a seat on Twitter’s board before he increased his holding to 14.9% and declined the offer of a seat.

In pre-US trade, Twitter shares jumped to $53.50 before settling around 12% higher at $51.20. Elon Musk's offer values the social network company around $43 billion.

For all market-moving economic data and events, refer to the DailyFX calendar

What is your view on Elon Musk Offering to buy Twitter – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.