Lagatar24 Desk
New Delhi, April 14: Tesla Inc chief Elon Musk has offered to buy Twitter for $54.20 a share, so it can be ‘transformed as private company’.
“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.
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” he added.
Notably, Elon Musk has chosen not to join Twitter Inc.’s board of directors, according to Chief Executive Parag Agrawal, a remarkable reversal that has put additional doubt on the social-media platform’s relationship with its largest shareholder.
The world’s richest man will pay $54.20 per share in cash, a 54 percent premium over the closing price on January 28 and a total value of $43 billion. The stock of the social media business increased by 18%.
Musk made the offer public on Thursday in a filing with the US Securities and Exchange Commission. On April 4, the billionaire, who also owns Tesla Inc., announced a 9 percent ownership in the company.
