Money & Business

Elon Musk makes a deal to buy Twitter for $41 billion

Elon Musk has offered to buy Twitter for about $41 billion in cash.

Musk’s price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38% premium to Twitter’s April 1 close, the last trading day before Tesla CEO’s more than 9% stake in the company was made public. The billionaire rejected an offer to join Twitter’s board earlier this week after disclosing his stake in the company.

“Since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk said in a letter to Twitter Chairman Bret Taylor.

Twitter will review Musk’s offer with advice from Goldman Sachs & Co and Wilson Sonsini Goodrich & Rosati.


Khaleej Times

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