Without revealing much details, Tesla and Space X CEO, Elon Musk in a TEDx conference on Thursday said that in case the Twitter board rejects his current plan to buy the microblogging site worth $41.39 billion.
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.
Earlier the Tesla CEO had said that he was not sure if he will be able to acquire. “The civilizational risk is decreased the more we can increase the trust of Twitter as a public platform. And I do think this will be somewhat painful. I am not sure that I will be actually able to acquire it.”
Advertisement
Musk currently owns 73.5 million shares of common stock in his personal capacity.
In a letter to Twitter Chairman Bret Taylor Musk 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."
“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.
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.
Just one email a week