Twitter (TWTR) and Elon Musk Latest
- Elon Musk offers to buy Twitter
- Twitter shares jump 13%.
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.
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