Tesla and SpaceX CEO, Elon Musk has now made his 'best and final', offer to buy 100 percent of Twitter.
Also Read:?Elon Musk Acquires 9.2% Stake In Twitter, Becomes Majority Shareholder
This was revealed in an updated 13D that was filed Thursday with the SEC. He wishes to offer $54.20 per share in cash.?
The proposal was made to Twitter on April 13. Alternatively, in a letter to Twitter Chairman, Bret Taylor, he stated,?¡°I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. Twitter has extraordinary potential. I will unlock it.¡±
He added that he would rethink his role as a shareholder should the company doesn't consider this offer, "I would need to reconsider my position as a shareholder.¡±
According to a report by Reuters, the current offer represents a 38 percent premium to Twitter's April 1 close -- the last trading day before Musk's investment in the company was made public.
According to Bloomberg, Musk's wealth is around $260 billion. Twitter's current valuation was around $37 billion and based on Musk's offer, Twitter's valuation hits at $43 billion, according to CNBC.?
Also Read:?Elon Musk Seriously Considering Making A New Social Media Platform
The recent news spiked Twitter shares by over 13 per cent pre-market. Surprisingly, Tesla's shares were down by 1.5 percent post this.?
A Twitter spokesperson has responded to this, stating,?¡°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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