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Elon Musk Launches $43 Billion Hostile Takeover of Twitter – Moneycontrol

The world’s richest man will pay $54.20 per share in cash, representing a 54 percent premium over the January 28 closing price and a value of about $43 billion

Elon Musk

Billionaire Elon Musk has offered to buy Twitter for $41.39 billion, a regulatory filing revealed on April 14. He has offered to buy Twitter for $54.20/share in cash.

The 50-year-old tycoon announced the offer in a filing with the US Securities and Exchange Commission on Thursday.

Musk’s offer price of $54.20 per share represents a 38 percent premium to the closing price of Twitter’s stock on April 1, the last trading day before the Tesla CEO’s over nine percent investment in the company was publicly announced on April 4.

Elon Musk has made a “best and final” offer to buy Twitter Inc., saying the company has extraordinary potential and he will unlock it. The world’s richest man will pay $54.20 per share in cash, representing a 54 percent premium over the January 28 closing price and a value of about $43 billion.

After launching the hostile takeover, the Tesla boss said on April 14: “Twitter has extraordinary potential, I will unlock it.”

He is one of Twitter’s most-watched firebrands and has been outspoken about changes he would like to consider imposing on the social media platform. The company offered him a seat on the board following the announcement of his stake, which made him the largest individual shareholder.

After his stake became public, Musk immediately began appealing to fellow users about prospective moves, from turning Twitter’s San Francisco headquarters into a homeless shelter and adding an edit button for tweets to granting automatic verification marks to premium users. One tweet suggested Twitter might be dying, given that several celebrities with high numbers of followers rarely tweet.

(With Bloomberg inputs)

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