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Sunday, November 27, 2022

Tech Billionaire Elon Musk Offers To Buy Twitter for $54.20 per Share in Cash

According to a regulatory filing published on April 14, Elon Musk has offered to purchase Twitter for $41.39 billion. The offer was reported in a regulatory filing. In exchange for Twitter shares, he’s paying $54.20 per share in cash, or $54, 20 total.

In a filing with the Securities and Exchange Commission, the 50-year-old tycoon made public his offer, which was made public on Thursday.
In contrast, Elon Musk’s offer of $54.20 a share represents a 38 percent premium over Twitter’s closing share price on April 1, which occurred only one day before Musk declared publicly on April 4 that Tesla had invested nine percent of his fortune in the company.

Twitter Inc. founder and CEO Elon Musk believe the company has enormous potential. He will aid it in realizing as a result of his recent “best and last” bid to purchase the company for 19 billion dollars. He will pay $54.20 per share in cash, reflecting a 54 percent premium over the stock’s closing price on January 28 and a total market value of about $43 billion.

In a statement issued on April 14, Elon Musk, the CEO of Tesla, declared that “Twitter has great potential, and I intend to unleash that potential.”
Elon Musk, the CEO of electric vehicle maker Tesla, believes that tweets “will neither prosper nor serve a societal requirement in their current form.” It is long past time for Twitter to be spun off into a private company.”

I may need to reassess my position as a shareholder if the acquisition fails due to my lack of faith in the company’s management and my incapacity to exert influence over the public market.”

Apart from being one of the most well-known Twitter users, he has also voiced his displeasure with the changes he believes should be made to the social networking platform. Following his investment in the company, which elevated him to the position of the company’s largest individual shareholder, the company sent him an invitation to join its board of directors.

Since the disclosure of Musk’s ownership stake in Twitter, he has been soliciting feedback from other users on potential initiatives, such as converting the company’s headquarters in San Francisco into a homeless shelter and adding an edit button to individual tweets. According to him, one Twitter user speculated that the social media site was on its way out because some celebrities with large followings were rarely seen on the network.

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