Elon Musk wants to buy Twitter. Check out how much he’s willing to pay for the microblogging platform.
Elon Musk, a billionaire, has offered to buy Twitter for about $41 billion just a few days after turning down a seat on the company’s board. He wants to pay $54.20 for each share of Twitter, 38% more than the price at which the stock closed on April 1, the last trading day before the Tesla CEO’s more than 9% stake in the company was made public.
Twitter’s stock price increased by 12% in premarket trading.
“Since I invested in the company, I now know that it won’t be able to grow or serve this social need in the way it is now. Become a private company: Twitter needs to become a private company, “Bret Taylor, the CEO of Twitter, was told by Musk in a letter.
Musk said that if his best and last offer isn’t accepted, he would have to change his position as a shareholder.
Musk said this week that he had scrapped a plan to join Twitter’s board just as his term was about to start. A board seat would have kept him from taking over the company.