Elon Musk has made a “best and final” offer to buy Twitter Inc., saying the company has extraordinary potential and he is the person to unlock it.
The world’s richest person will offer $54.20 per share in cash, representing a 54% premium over the Jan. 28 closing price and a valuation of about $43 billion. The social media company’s shares soared 18% in pre-market trading.
Musk, 50, announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday, after turning down a potential board seat at the company. The billionaire, who also controls Tesla Inc., first disclosed a stake of about 9% on April 4. Tesla shares fell about 1.5% in pre-market trading on the news.
Twitter said that its board would review the proposal and any response would be in the best interests of “all Twitter stockholders.”
