Elon Musk offers to buy Twitter for $41 billion
Tesla CEO to buy the microblogging site for $54.20 per share in cash, reports say
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Published: Apr 14, 2022 4:17 PM | 1 min read
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Tesla Chief Executive Officer (CEO) Elon Musk has offered to buy Twitter for $41 billion, media reports said. Musk has made an offer to buy the microblogging site at $54.20 per share in cash.
The 50-year-old billionaire announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday. Soon after the announcement, the social media company’s shares soared 18%.
According to reports, Musk will pay $54.20 per share in cash, which represents a 54% premium over the January 28 closing price.
Musk had earlier disclosed a stake of about 9% in the social media platform on April 4.
On April 11, Twitter CEO Parag Agrawal tweeted saying that Musk, who is now Twitter Inc's biggest shareholder, has decided not to join Twitter Inc.’s board of directors. Musk was to officially become a member of the Twitter board from April 9.
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