Elon Musk proposes over $43 billion to buy Twitter
Elon Musk has offered to buy Twitter at a price of $54.2 per share, according to SEC documents. The billionaire called the offer ‘the best and final’.
‘I offer to buy 100% of Twitter’s shares at a price of $54.2 per share, which is 54% higher than their value the day before I began investing in the company, and 38% higher than the day before my investment was publicly announced. My offer is the best and final; if it is not accepted, I will have to reassess my position as a shareholder’, according to Musk’s statement.
According to CNBC, Twitter issued 800.64 million shares — the deal value, if approved, would exceed $43 billion.
As a financial adviser for the takeover, Musk hired Morgan Stanley.
Justin Sun decided to top Musk’s offer — the founder of Tron said he was prepared to acquire Twitter at $60 per share.
‘I believe Twitter is far from unleashing its full potential. Therefore I am offering $60 per share to take the platform private. However we fully support Musk’s reform initiatives and would like the company to become crypto-native and Web3-friendly,’ he wrote.
Following Tesla’s chief’s statement, Twitter shares rose about 11% in premarket trading on the NYSE. As of writing, the securities were trading near $51.
In April 2022, Musk became the largest shareholder of Twitter, buying 9.2% of the company’s securities for $2.89 billion. Earlier the billionaire criticised the social network’s free-speech policy.
Earlier, the head of Tesla proposed lowering the price of Twitter Blue and offering users the ability to pay for the premium service in Dogecoin (DOGE).
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