Billionaire Elon Musk has offered to buy Twitter for about $41 billion, just days after turning down a seat on the social media company’s board.
Musk’s offering price of $54.20 per share, disclosed in a regulatory filing on Thursday, represents a 38% premium to Twitter’s April 1 close, the trading day. last before going public with the Tesla CEO’s more than 9% stake in the company.
Shares of Twitter rose 12% in pre-market trading.
“Since making my investment, I’ve realized that the company will neither grow nor serve social imperatives in its current form. Twitter needs to be transformed into a private company.” Musk said in a letter to Twitter President Bret Taylor.
“My offer is my last and best offer and if it is not accepted, I will need to reconsider my shareholder position,” Musk said.
Earlier this week, Musk said he had abandoned plans to join Twitter’s board, just as his term was about to begin. Holding a board seat would prevent him from taking over the company.
(Reporting by Chavi Mehta and Uday Sampath in Bengaluru; Editing by Anil D’Silva)
