A 41 million dollars offer shows the fierce intentions of Elon Musk to buy Twitter.
Elon Musk offered to buy Twitter for about $41 billion in cash, claiming that the social media firm he has long criticized must go private to see positive outcomes.
Elon Musk to buy Twitter
Elon Musk’s $54.20-per-share offer price, which was revealed in a regulatory filing on Thursday, is 38 percent higher than Twitter’s April 1 close, the previous trading day before the Tesla CEO’s more than 9% stake in the firm became public.
Based on Refinitiv data, the total deal value was estimated at 763.58 million shares outstanding.
After admitting his stake in the company, Elon Musk was offered a seat on Twitter’s board but turned it down. A seat on the board as a director would have limited his ownership to just below 15 percent, according to analysts.
Elon Musk told Twitter Chairman Bret Taylor that:
“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.”
Since joining Twitter in 2009, Elon Musk has amassed over 80 million followers and used it to make several announcements, including announcing a go-private deal for Tesla that got him into trouble with regulators.
Elon Musk added that Morgan Stanley was the financial advisor for the deal.
On April 11, Musk’s appointment was expected to be finalized, but Parag Agrawal, the CEO of Twitter, tweeted late Sunday that he would not join the board.
Just yesterday, Elon Musk sued by Twitter shareholders. The Tesla and SpaceX chief is being sued in a federal securities class-action lawsuit by a Twitter investor who claims he should’ve revealed his 5% stake in the company when required to do so.
Justin Sun offered $60 per share to buy Twitter
Against the $54 per share offer of Elon Musk to buy Twitter, Justin Sun offered $60 per share.
I believe @Twitter is far from unleashing its full potential, thus I am offering $60 per share to take the platform private. But we fully support the reform initiatives of @elonmusk and would love to see Twitter becoming crypto-native and Web3 friendly.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 14, 2022
TWTR stock price
After the news regarding the intentions of Elon Musk to buy Twitter, TWTR stock price has experienced a downtrend. At the time of writing, A TWTR stock is worth $49,4600 according to MarketWatch.
