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Elon Musk wants to buy Twitter for R600 billion

Elon Musk. Photo: Getty Images.

South African-born billionaire Elon Musk has offered to buy Twitter for about $ 41 billion (R600 billion), just days after being rejected from a seat on the board of the social media company.

Musk’s offering price of $ 54.20 per share, which was announced in a regulatory announcement on Thursday, represents a 38% premium to the closure of Twitter on April 1, the last trading day before Tesla CEOs’ more than 9% stake in the company was made public.

Twitter shares jumped 12% in premarket trading.

“Since making my investment, I now realize that the company will not thrive nor serve this social imperative in its current form. Twitter needs to be transformed into a private company,” Musk said in a letter to Twitter chairman Bret Taylor.

“My offer is my best and last offer and if it is not accepted, I would have to reconsider my position as a shareholder,” Musk said.

Earlier this week, Musk said he had abandoned a plan to join Twitter’s board just as his term was about to begin. Taking over the board would have prevented him from a possible takeover of the company.

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Elon Musk wants to buy Twitter for R600 billion

Source link Elon Musk wants to buy Twitter for R600 billion

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