The world’s richest person, Elon Musk, has announced that he has offered to buy Twitter for $43 billion, $54.20 per share in cash.
Musk became Twitter’s largest shareholder last week and was going to join Twitter’s board but later declined.
“I made an offer,” Musk tweeted on Thursday ((today).
Musk says he believes in the potential of Twitter and that the social media company needs to be transformed.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said in the filing. (He holds more than 9% of Twitter’s shares.) “Twitter has extraordinary potential. I will unlock it,” Musk added.
“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.
Twitter said it has received the “unsolicited” offer from Musk.
In a statement, the company said its board “will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
Musk’s offer of $54.20 per share is 38% more than the value of Twitter stock the day before his investment was publicly announced and it’s 18.2% higher than Wednesday’s closing price. Twitter stock was up more than 10% in pre-market trading Thursday.
Comments expressed here do not reflect the opinions of Vantage News Nigeria or any employee thereof.