Tesla CEO Elon Musk has offered to buy Twitter Inc in a deal worth over $41 billion and take the company private.
The offer comes just days after rejecting a seat on the social media company’s board.
Musk’s offers to pay $54.20 per share for 100% Twitter. This was disclosed in a regulatory filing on Thursday.
Musk disclosed recently that he acquired a 9.2% stake in Twitter, making him the company’s largest shareholder.
Twitter shares is up 10.95% at $50.75 per share in pre market trading on Thursday. It closed at $45.85 per share on Wednesday.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote.
“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,” Musk said.
Musk said the takeover attempt is “not a threat, it’s simply not a good investment without the changes that need to be made.”
Musk abandoned a plan to join Twitter’s board as taking the board seat would have prevented him from a possible takeover of the company.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
