Elon Musk makes ‘best and last’ offer to buy Twitter, launching $43 billion hostile takeover

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Elon Musk has made a “best and final” offer to buy Twitter, saying the company has exceptional potential and he will unlock it.

The richest man in the world will pay $54.20 (about Rs.4,120) per share in cash, a premium of 54 per cent over the closing price on Jan. 28 and a value of about $43 billion (about Rs.327,421.35 crore ) is equivalent to. Shares of the social media company rose 18 percent.

Musk, 50, announced the offer Thursday in a filing with the US Securities and Exchange Commission. The billionaire, who also controls Tesla, disclosed a stake of around 9 percent for the first time on April 4.

The executive is one of Twitter’s most-watched firebugs, often tweeting memes and taunts at @elonmusk’s more than 80 million followers. He has been open about changes he wants to push through on the social media platform, and the company offered him a seat on the board after announcing his stake, which made him the largest single shareholder.

After his share went public, Musk immediately began informing other users about possible steps, from turning Twitter’s San Francisco headquarters into a homeless shelter, to adding an edit button to tweets, to giving premium users automatic verification marks . One tweet suggested Twitter could be dying as several celebrities with high follower counts rarely tweet.

Musk can afford it. According to Bloomberg Billionaire’s Index, he is currently worth about US$260 billion (about Rs.19.21.486 billion), compared to Twitter’s market valuation of about US$37 billion (about Rs.2.81749.45).

© 2022 Bloomberg LP


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