Elon Musk, the billionaire, has offered to acquire Twitter for around $41 billion in cash, claiming that the social media firm he has frequently criticized needs to become private in order to see real improvements.
Elon Musk offer price of $54.20 per share, published in a regulatory filing on Thursday, marks a 38% premium to Twitter’s April 1 close, the final trading day before the Tesla (TSLA.O) CEO’s more than 9% investment in the business became public.
According to Refinitiv statistics, the entire sale value was estimated using 763.58 million outstanding shares.
Elon Musk turned down an offer to join Twitter’s board of directors earlier this week after declaring his investment in the firm, a decision that experts claimed signified his plan to take over the company because a board seat would have limited his ownership to just under 15%.
“Since making my investment, I’ve realized that the firm, in its current form, can neither prosper nor satisfy this societal necessity. Twitter must be restructured as a private firm “Musk stated this in a letter to Twitter CEO Bret Taylor.
“My offer is my best and last offer, and if it is not accepted, I will have to reevaluate my position as a shareholder,” Musk continued.
Twitter did not reply to a request for comment from Reuters.
Since joining the site in 2009, Musk has acquired over 80 million followers and has used the platform to make various announcements, including hyping a Tesla go-private transaction, which put him in hot water with authorities.
Musk stated that Morgan Stanley served as the offer’s financial consultant.