Elon Musk is offering to buy Twitter for $41 billion after deciding not to go on board

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Elon Musk has offered to buy social media giant Twitter for £31.52 billion ($41.39 billion).

The world’s richest man’s offer of $54.30 per share in cash was announced today in a new regulatory filing.

It comes just days after Musk turned down a seat on the company’s board — which would have prevented him from taking over the company

The Telsa founder was unmasked as Twitter’s largest shareholder earlier this month with a 9.2% stake.

Musk owns 73,486,938 Twitter shares which are currently worth £3.3 billion.

His proposal of $54.30 per share is 38% above Twitter’s closing price on April 1, before his shares were released.

In a letter to Twitter chairman Bret Taylor, Musk said, “Since making my investment, I have come to realize that the company will not thrive in its current form nor will it serve this societal imperative. Twitter needs to be turned into a private company.

“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a premium of 54% from the day before I began investing in Twitter and a premium of 38% from the day, before my investment was publicly announced.”

He added: “My offer is my best and final offer and if not accepted I would have to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.”

Musk added that his offer wasn’t a “threat,” but said Twitter “just isn’t a good investment without the changes that need to be made.”

“And these changes will not happen without privatizing the company,” he said.

Shares of Twitter are up 12% to $51.30 in premarket trading following Musk’s bid.

Musk is a frequent user of Twitter and currently has more than 80 million followers on the social media platform.

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https://www.mirror.co.uk/money/breaking-elon-musk-offers-buy-26711394 Elon Musk is offering to buy Twitter for $41 billion after deciding not to go on board

Fry Electronics Team

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