Musk, CEO of Tesla, offers $41.39 billion for Twitter’s entire business.
Elon Musk, the CEO of Tesla and a billionaire, made a “best and final” bid to acquire Twitter for USD 41.39 billion and $54.20 per share in cash on Thursday.
It comes after Musk announced on Twitter that he would not be joining the board of directors of the company in an updated 13D filing on Thursday.
On April 1, the last trading day before Tesla CEO Elon Musk publicly announced his investment of 9.2 percent in Twitter, the stock closed at USD 54.20 per share, a 38 percent increase from the closing price on that day.
In a letter to Twitter CEO Bret Taylor, Tesla CEO Elon Musk wrote, “Since making my investment, I now realise that the company will neither thrive nor serve this societal imperative in its current form,” he wrote.
He went on to say that Twitter should be turned into a private company.
Elon Musk revealed last week that he had bought into Twitter’s stock at a nine percent stake.
“My offer is my best and final offer, and if it is not accepted, I will have to reevaluate my position as a shareholder,” said Tesla CEO Elon Musk.
This is the second time that Tesla CEO Elon Musk has rejected a seat on the board of the social media company.
A board seat would have prevented him from attempting to take over the company, Sky News reported.