Elon Musk Offers To Buy Twitter For $43B Dollars
"Twitter has extraordinary potential," Musk says in an SEC filing. "I will unlock it."
After buying a stake in Twitter and then flip-flopping over whether he'll join the board, world's richest man Elon Musk has offered to buy Twitter outright.
Thursday filing to the SEC, Musk made a "best and final" offer to buy the social media platform for $54.20 a share.
That amounts to about $43 billion, which Musk says is a 54% premium on the price of the Twitter stock before his initial investment was made public.
The Tesla founder and CEO's net worth is estimated by Forbes to be around $260 billion, while Twitter's market value is $36.7 billion.
On April 4, Musk disclosed that in March he bought a 9.2% stake in Twitter making him the largest shareholder in the company.
Days later, Twitter CEO Parag Agrawal tweeted that Musk would be joining the company's board of directors.
Though Musk says his offer is final, it's unlikely to be the last headline generated by the evolving story.
"If the deal doesn't work," Musk said in his filing, "given that I don't have confidence in management
nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder."
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