'Twitter Has Extraordinary Potential, I'll Unlock It': Elon Musk Offers To Buy Twitter For $43 Billion

by Swarajya Staff - Apr 14, 2022 05:29 PM +05:30 IST
'Twitter Has Extraordinary Potential, I'll Unlock It': Elon Musk Offers To Buy Twitter For $43 BillionElon Musk

Tech billionaire Elon Musk has offered to buy Twitter, days after he rejected an offer to be on company's board following his purchase of 9.1 per cent stake in the company last month.

The world’s richest person will offer $54.20 per share in cash, representing a 54 per cent premium over the 28 January closing price and a valuation of about $43 billion, reports Bloomberg.

'I made an offer," Musk said in a tweet with a US securities filing link attached.

In a letter to the Twitter board, Musk said, "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy".

"However, 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," he added.

"As a result, I am offering to buy 100 per cent of Twitter for $54.20 per share in cash, a 54 per cent premium over the day before I began investing in Twitter and a 38 per cent premium over the day before my investment was publicly announced," he said.

Musk said that the offer is his "best and final", adding that if it is not accepted, he would need to reconsider his position as a shareholder in the company.

"Twitter has extraordinary potential. I will unlock it," he said.

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