Elon Musk, CEO of Tesla, has offered to acquire Twitter, claiming that he is the best person to “unlock” the social media platform’s “amazing potential.” Mr Musk, in a surprise statement, said he would pay $54.20 per share for Twitter, valuing it at almost $40 billion.
Mr Musk was recently revealed to be Twitter‘s largest shareholder after amassing a sizable stake in the company. If his offer was not accepted, he stated, “I would need to reevaluate my position as a shareholder.”
Elon Musk also stated that if Twitter’s board of directors rejects the offer, it would be “utterly unacceptable” not to bring the offer to a shareholder vote. “They, not the board of directors, own the corporation,” he wrote. Tweet.
Twitter’s stock price gained 5.3 percent in early trade to $48.32 before sliding back to more than $46.20 later.
A filing with the US financial regulator appeared to indicate text and/or voice conversations from Mr Musk to Twitter’s board, indicating that he had mentioned the notion of going private over the weekend.
Mr Musk had been invited to join the board, but he declined on Sunday, according to Twitter.
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