Elon Musk has offered to buy Twitter for about $41 billion in cash.
Elon Musk’s offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38 percent premium to Twitter’s April 1 close, the last trading day before the Tesla CEO’s more than 9 percent stake in the company was made public.
Elon Musk rejected an offer to join Twitter’s board earlier this week after disclosing his stake in the company. Elon Musk’s board seat in Twitter would have limited his stake to just under 15 percent.
“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,” Elon 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,” Elon Musk added.
Elon Musk has over 80 million followers and used the platform to make several announcements, including teasing a go-private deal for Tesla that landed him in hot water with regulators.
Elon Musk said Morgan Stanley was the financial adviser for the offer.
