Elon Musk. Photo: Getty Images.
South African-born billionaire Elon Musk has offered to buy Twitter for about $41 billion (R600 billion), just days after rejecting a seat on the social media company’s board.
Musk’s offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38% premium to Twitter’s April 1 close, the last trading day before the Tesla CEO’s more than 9% stake in the company was made public.
Twitter’s shares jumped 12% in premarket trading.
“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,” Musk said in a letter to Twitter Chairman Bret Taylor.
“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.
Earlier this week, Musk said he had abandoned a plan to join Twitter’s board, just as his tenure was about to start. Taking the board seat would have prevented him from a possible takeover of the company.
Musk is the natural owner of Twitter, because as the richest man in the world the opportunity cost to posting is higher for him than for anyone else. And nevertheless, he posts.
— Mike Bird (@Birdyword) April 14, 2022
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