Billionaire Elon Musk has available to buy Twitter for about $41 billion, just times following rejecting a seat on the social media company’s board.
Musk‘s offer you price of $54.20 per share, which was disclosed in a regulatory submitting on Thursday, signifies a 38% top quality to Twitter’s April 1 close, the very last investing working day in advance of the Tesla CEO’s extra than 9% stake in the company was built public.
Twitter’s shares jumped 12% in premarket trading.
“Because producing my expense I now know the enterprise will neither prosper nor provide this societal very important in its current sort. Twitter requires to be reworked as a personal company,” Musk explained in a letter to Twitter Chairman Bret Taylor.
“My present is my ideal and ultimate supply and if it is not recognized, I would need to have to rethink my position as a shareholder,” Musk claimed.
Previously this 7 days, Musk reported he experienced abandoned a strategy to be part of Twitter’s board, just as his tenure was about to start off. Taking the board seat would have prevented him from a achievable takeover of the enterprise.