Wednesday, August 10, 2022

Elon Musk offers to buy Twitter for $41.4bn

Tech billionaire Elon Musk has offered to buy Twitter for $41.4bn days after rejecting an offer by the company to join the board.

According to regulatory fillings released, Musk is offering a share price of $54.20 which represents a 38% premium days after it was revealed that the billionaire has a 9% stake at the company.

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The news saw Twitter shares jump to 12%.

Addressing Twitter Chairman  Bret Taylor, Musk noted that the company cannot survive under the current pressure and should be transformed into a private company. He continued by revealing that his offer is the best he could think of or else reconsider the position as a shareholder.

“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,”

The move by Elon Musk to decline the board offer has been describe as a deliberate one so that he could present an offer to buy Twitter entirely.

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