Elon Musk has made an offer to buy Twitter outright, valuing the company at $43.4 billion, according to an SEC filing
New York/London Elon Musk has made an offer to buy Twitter and take it private, saying he believes it needs to be"transformed."
According to an SEC filing, Musk has offered to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the company at $43.4 billion. That represents a 38% premium over the closing price on April 1, the last trading day before Musk disclosed that he had become Twitter's biggest shareholder, and an 18% premium over its closing price Wednesday.
Twitter responds to Elon Musk not joining its board 03:03Musk did not disclose how he intends to fund his purchase. He said he has hired Wall Street giant Morgan Stanley as his financial advisor for the transaction. Although Musk is the richest person on Earth, most of his $274 billion net worth is tied up in his holdings in publicly-traded Tesla and privately-held SpaceX, and he has been reluctant to sell shares of Tesla beyond what he needed to sell in order to pay taxes.
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