Billionaire Elon Musk Purchased Twitter About $41 billion was denied on the social media company’s board just days later.
The offer price of $54.20 a share, disclosed in a regulatory filing on Thursday, represents a 38% premium to Twitter’s closing price on April 1, the last trading day before Twitter. Tesla More than 9% of the company’s shares held by the CEO was made public.
Shares of Twitter rose 12% in premarket trading.
“Since making the investment, I now realize that the company will neither thrive nor serve this societal need in its current form. Twitter needs to transform into a private company,” Musk told Twitter Chairman Brett Taylor said in a letter.
“My offer is my best and final offer, and if it is not accepted, I will need to reconsider my position as a shareholder,” Musk said.
Earlier this week, Musk said he had abandoned plans to join Twitter’s board when his term was about to begin. Taking a board seat would prevent him from buying companies.