26.6 C
Islamabad
Wednesday, September 28, 2022

Elon Musk offers to buy Twitter for $41 billion

Elon Musk, the billionaire CEO of Tesla and SpaceX, has made an offer to buy Twitter, according to a regulatory filing. Musk is willing to pay a total of $41.39 billion (€37.92 billion) for the platform.

Donald Trump’s social media app “Truth Social” launched in Apple’s App Store, Hits No. 1 in Top Charts
That works out to $54.20 per share, a 38 percent increase from the price per share before Musk purchased more than 9 percent of the stock on April 1. Twitter’s stock price soared in pre-market trading, approaching Musk’s valuation.

After spending $2.9 billion, Musk became the social media platform’s largest shareholder, owning 9.5 percent of the stock.

Elon Musk tweeted after he made an offer:

“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,” Musk said in a letter to Twitter Chairman Bret Taylor, seen by Reuters.

“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said.

Twitter CEO Jack Dorsey steps down, Parag Agrawal will be new CEO

After purchasing the shares, the billionaire tweeted several suggestions for the platform, including making Twitter ad-free, despite ads accounting for nearly 90% of the company’s revenue.
Musk also proposed adding an edit button to the site. Musk has previously gotten into hot water as a result of tweets.

He agreed to pay a $20 million fine and resign as Tesla chairman after being accused of inflating the company’s stock price with a 2018 tweet.

Related Articles

Latest Articles