Just days after rejecting a seat on the social media company’s board, Elon Musk offered to buy Twitter for about $ 41 billion.
The offer price of ্ক 54.20 per share of the mask was revealed in a regulatory filing. Shares of Twitter rose 12 percent in pre-market trading.
The offer represents a 38 percent premium to Twitter’s closing price on April 1, before it was revealed that the billionaire had become the largest shareholder of the micro-blogging site with more than 9 percent share.
Musk said in a letter to Twitter chairman Brett Taylor: “Since my investment, I now understand that the company will not enrich or serve this social necessity in its current form. Twitter needs to be transformed into a private company.”
“My proposal is my best and final proposal and if it is not accepted, I will have to reconsider my position as a shareholder,” he said.
Earlier this week, he dropped his plans to join Twitter’s board, just as his term was about to begin. Taking a seat on the board prevented him from taking over the company.
Twitter shares rose 3.1 percent, or $ 1.37, to $ 45.85 last night, valued at about $ 37 billion.
Located in San Francisco, Twitter is one of the largest social networks in the world It was founded in 2006 and earns most of its money through advertising. The team went public in November 2013.
Musk led the electric car makers Tesla and SpaceX, the space exploration business. With a personal fortune of 3 273 billion, he is the richest man in the world, according to Forbes, after a massive rally in Tesla shares, now valued at more than $ 1 trillion.
In recent months she has used her account on the platform to both criticize the service to her 81 million-plus followers and offer multiple changes. Last weekend he asked if Twitter, including Justin Bieber and Taylor Swift, was “dying” because of his most followed accounts for not tweeting frequently.
Musk also offered a jolt to Twitter’s premium subscription service. He suggested that there should be no ads on Twitter Blue because “relying on the advertising money for Twitter’s survival greatly increases the corporation’s ability to set policy.”
Parag Agarwal, chief executive of Twitter, warned employees about the “confusion ahead” after Musk declined an invitation to join the company’s board. The company has not yet commented on the offer.