Elon Musk is set to buy Twitter for $54.20 per share in cash, a premium of about 54% to the Jan. 28 closing price and a valuation of about $43 billion, calling the offer “the best and final”, according to reports and a deposit with the United States Securities and Exchange Commission on Thursday, April 14.
The billionaire and Tesla CEO wants to privatize Twitter and make it a “free speech” platform, according to a filing. The move follows Musk’s purchase of 9% of the company last week and his decline of a seat on the board.
See also: Twitter shares surge as Elon Musk takes $2.9 billion stake
The world’s richest person has said that if his offer isn’t accepted, he may have to rethink his position as a Twitter shareholder, The Wall Street Journal reported.
“If the deal doesn’t work out, given that I don’t have confidence in management and don’t think I can drive the necessary change in the public market, I should reconsider my position as a shareholder,” Musk said. in the deposit.
With more than 80 million followers on Twitter, Musk’s tweets are watched closely, and he hasn’t been shy about any changes he’d like to make to the social platform. When his stake in the company became public, Musk tweeted possible steps to his followers, including converting Twitter’s San Francisco headquarters into a homeless shelter and adding an edit button. for tweets.
Read more: Musk on Twitter Blue: Cut Prices, Ban Ads, Allow Dogecoin Payments
Twitter Blue, the social media platform’s premium subscription service, is a particular focus of Musk, with proposals that include lowering the price, banning ads, and crypto payments. Twitter Blue debuted in June 2021 and offers exclusive premium features on a monthly subscription basis.
According to the Bloomberg Billionaire’s Index, Musk is valued at around $260 billion. Twitter’s market valuation is approximately $37 billion.
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