Musk bid for Twitter’s $ 41.39 billion acquisition

LAST UPDATE: 15:10

Elon Musk, the billionaire founder of the electric vehicle company Tesla, has submitted a bid for the acquisition of Twitter for a total of 41.39 billion dollars, Reuters reports, citing a relevant announcement to the US regulators.

Musk’s bid for the popular social network is at $ 54.20 per share, representing a 38% premium on closing the stock on April 1, the last trading day before it became known that the Tesla chief had acquired a stake. almost 10% in the company.

The share of Twitter closed yesterday at $ 45.85, while after the announcement of the takeover proposal, it records a jump of 12% to $ 51.3 in electronic transactions.

Elon Musk made his “best and final” proposal for the acquisition of Twitter, noting that the company has great potential and will unlock it, according to Bloomberg. The 50-year-old Musk announced his proposal through a notification to the US Securities and Exchange Commission (SEC) today, Thursday.

Musk, the richest man in the world, announced on April 4 that he had acquired a more than 9% stake in the company. His Twitter account (@elonmusk) has over 80 million followers. In the past he has expressed some ideas for the changes he would like to make to the platform, while recently his company offered him a position on its Board of Directors after the announcement of the share that made him the largest shareholder.

The value of Musk based on the Bloomberg Billionaires Index reaches $ 260 billion compared to a capitalization of $ 37 billion for Twitter.

Private company

“I invested in Twitter as I believe in its potential to be the platform for freedom of speech around the world, and I believe that freedom of speech is a social imperative for a functioning democracy,” Musk said in a letter to the SEC.

“However, since I made my investment, I now realize that the company will neither thrive nor serve this social imperative in its current form. Twitter must be transformed into a private company.

As a result, I intend to buy 100% of Twitter for $ 54.20 per share in cash, a premium of 54% from the day before I start investing in Twitter and 38% from the day before the public announcement of my investment. My offer is my best and final offer and if it is not accepted, I will have to reconsider my position as a shareholder.

Twitter has great features. I will unlock them. ”

Twitter: The board will “carefully consider” the offer of Elon Musk

The company’s board announced that it will “carefully consider” Elon Musk’s offer for its acquisition and exit from Wall Street.

The social media company said in a statement that it had received an unsolicited and non-binding offer from Elon Musk to buy all of the company’s shares for $ 54.20 in cash.

“Twitter’s board will carefully consider the offer to determine which position it deems will best serve the interests of the company and all Twitter shareholders,” the statement said.