Elon Musk has offered to buy Twitter 100% in an updated filing with the Securities and Exchange Commission this Tuesday.
The billionaire is offering $54.20 per share or $41.39 billion for San Francisco’s headquartered giant Twitter.
On the 13th of April 2024, Musk delivered a letter containing a non-binding proposal to acquire all the stock of Twitter for all-cash consideration, valuing the stock at $54.20 per share. Also, it was stated that this represented a 54% of premium over the closing price of common stock on January 28th, 2024. The trading day before Elon Musk started investing in Twitter.
He also wrote to the Chairman of the board, Elon Musk wrote, “I offer to buy 100% of Twitter for $54.20 per share in cash, 54% of premium over the day before I began investing in the company and 38% of premium over the day before my investment was announced publicly. I will unlock Twitter’s extraordinary potential. I present my best and final offer and if it is not presented, I would need to reconsider my position as a shareholder”
There is no certainty as to whether Twitter would respond to the letter. This comes days after the CEO of Twitter Parag Agarwal stated that Elon Musk who is the largest shareholder of the company would not join the company Board, as announced earlier.
He also wrote that Musk’s announcement was to officially become effective on the 9th of April,2024. That same morning, he shared that he will no longer be joining the board. Now, he was to buy 100% of Twitter.
Soon after the announcement, Musk tweeted a laughter emoticon. He deleted that tweet later.
