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Elon Musk wants to buy Twitter

Brunlea

Administrator
Staff member
Elon Musk has put in an offer to buy Twitter :)

Tesla boss Elon Musk has offered to buy Twitter, saying he is the right person to "unlock" the social media platform's "extraordinary potential".

In a surprise announcement, Mr Musk said he would pay $54.20 a share for Twitter, valuing it at about $40bn.

It recently emerged that Mr Musk was Twitter's biggest shareholder after he built up a large stake in the firm.

He said that if his offer was not accepted: "I would need to reconsider my position as a shareholder".

Twitter's share price rose by 5.3% to $48.32 in early trading.

A filing with the US financial regulator appeared to show text and/or voice messages from Mr Musk to Twitter's board, showing that he had raised the idea at the weekend that the business should go private.

Mr Musk had been invited to join the board, but Twitter announced on Sunday he had decided against it.


 

Brunlea

Administrator
Staff member
And he buys it:

Twitter has reached an agreement for billionaire Elon Musk to buy the social media platform in a $44bn (£34.6bn) deal.

The announcement followed what were reported to be extensive discussions between Mr Musk and Twitter's board starting on Sunday that stretched into Monday.

Mr Musk announced an offer to buy the social media platform on 14 April for $54.20 a share, or about $43bn, saying that he was not doing it to make money but to unlock Twitter's potential.

The additional $1bn price tag is understood to reflect the purchase of additional shares revealed by Twitter.

The purchase price represents a 38% premium to Twitter's closing stock price on 1 April, which was the last trading day before Mr Musk disclosed his 9% stake.

The deal means Twitter is now on course to be taken private, ending its run on the stock market which began in 2013.

Its shares, briefly suspended for the announcement, were 6% up on the news but trading at $51 per share - well below the offer price of $54.20 - possibly indicating that some scepticism remained over the takeover.

Source and further reading - Elon Musk and Twitter reach agreement for $44bn takeover - https://news.sky.com/story/elon-musk-and-twitter-reach-agreement-for-44bn-takeover-12598608
 
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