He has offered $54.20 per share, at a 38 per cent premium to the closing price of Twitter’s stock on April 1, the last trading day before Musk bought the majority stake in the company.
Days after turning down the offer to be part of Twitter Inc’s board, Space X and Tesla CEO Elon Musk has offered to buy the microblogging site worth $41.39 billion, according to a regulatory filing. He has offered $54.20 per share, at a 38 per cent premium to the closing price of Twitter’s stock on April 1, the last trading day before Musk bought the majority stake in the company.
On April 4, he bought a 9.2 per cent stake in Twitter. Musk owns 73.5 million shares of common stock in his personal capacity. Musk's stake in Twitter is considered a passive investment, which means Musk is a long-term investor that's looking to minimize his buying and selling of the shares.
According to Reuters, Musk in a letter to Twitter Chairman Bret Taylor said, “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," he added.
On Saturday, Musk had suggested three Twitter upgrades to enhance the company’s business model. Notably, Musk has earlier said that he is giving “serious thought” to building a new social media platform.
Notably, even before taking a majority stake in Twitter, Musk, who is a power user of Twitter, has been a critic of the micro-blogging site over free speech. He had earlier targetted the microblogging platform for free speech and he even put out a tweet asking users if they believe Twitter adheres to the principle of free speech.