Elon Musk offered to buy social media company Twitter (TWTR) for about $41.3 billion in cash

According to Bloomberg Terminal, Elon Musk has offered to acquire all social media giant’s shares at $54.20 per share in cash. The overall worth of this buy-in USD would come to $41.3 billion in cash.

Elon Musk offers to buy Twitter for $41.3B to take the company private

According to filings with the SEC, the $54.20 a share offer was a 38% premium the day before Musk’s investment in the company went public earlier this month. Musk plans to take the company private to “go through the changes that need to be made,” he wrote in a text to Twitter Chairman Bret Taylor replicated in the filing.

At the end of March, Musk criticized the social media platform for not adhering to free speech guidelines, saying that it was seen as a “de facto public town square,” and the failure was due to That undermines democracy.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk stated.

Following Musk’s application, Justin Sun, the founder of the TRON blockchain, tweeted a thread in which he said he would offer $60 a share to the company. Twitter shares jumped more than 12% in pre-market trading following the news. Recently, they were trading at around $48.

Musk took a 9.2% stake in Twitter at an estimated $2.89 billion earlier this month, quickly followed by the announcement that he would join the company’s board. However, Parag CEO Agrawal said a few days later that a position on the board was no longer on the card.

“My offer is my best and final offer, and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said, according to the filing.

Due to the Tesla CEO’s well-known interest in cryptocurrencies, his announcements often create waves in the crypto world. Dogecoin’s price spiked 11% following the news of the investment on Musk’s Twitter. In recent months, Twitter has also established itself as a crypto-friendly platform, adding the ability to tip in bitcoin last September, with the facility expanding to ether in February.

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