Technology

Elon Musk bids to buy Twitter for $41billion

Musk is making a cash offering of $54.2 per share.

Elon MuskElon Musk bids to buy Twitter for $41billion | OyeYeah News
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Elon Musk bids to buy Twitter for $41billion!

A regulatory filing showed on Thursday that the Billionaire Elon Musk has offered to buy Twitter for $41.39billion

While a simple tweet from the SpaceX CEO simply stated: I made an offer

He also shared the link to a letter to Twitter Inc. on Wednesday containing a proposal to buy the microblogging site.

Tesla CEO currently owns more than 9 percent of Twitter’s stock and following his tweet on Thursday, shares of Twitter jumped nearly 12 percent before the market opened.

Musk, who reportedly has a net worth of some $260 billion, which would make him the world’s richest person, is making a cash offering of $54.2 per share.

That is a 54% premium to the stock’s overnight close.

The hostile takeover approach comes just days after Musk revealed that he had bought a 9% stake in the company and followed that by announcing that he would join its board of directors.

However, he backed out of an agreement to join Twitter’s board of directors.

On Wednesday, it emerged that some Twitter shareholders have been planning to launch a federal lawsuit against Musk, arguing that he had not disclosed his stake-building quickly enough.

Twitter responds to Elon Musk’s offer to buy the whole company

 

“Twitter, Inc today confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash,” it said in the release.

“The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”

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