Elon Musk offers to buy Twitter for USD 43 Bn

My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.

Elon Musk has offered to buy a 100% stake in Twitter to become the sole owner of the social media platform. The move came days after Musk picked up a 9.2% stake in Twitter. He is now the largest shareholder of the microblogging platform at over four times the stake than Twitter co-founder Jack Dorsey (2.25 percent). The Twitter stock rallied and closed at USD 45.85 a share– a 12% spike– on Wednesday.

Later, the Tesla chief said he would join the Twitter board. “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” he tweeted on April 4. However, he reneged. 

THE BELAMY

Sign up for your weekly dose of what's up in emerging technology.

Musk asked his more than 81 million followers whether Twitter is “dying” and if its main office should be converted to a homeless shelter. He also created a poll asking if the letter “w” should be removed from Twitter, with the only options being “yes” and “of course”.

Now, Elon has offered to buy Twitter for USD 54.20 at a total value of USD43 billion.

According to Musk, the social media company needs to go private because it can “neither thrive nor serve” free speech in its current state. “As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced,” he wrote. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”

More Great AIM Stories

Kartik Wali
A writer by passion, Kartik strives to get a deep understanding of AI, Data analytics and its implementation on all walks of life. As a Senior Technology Journalist, Kartik looks forward to writing about the latest technological trends that transform the way of life!

Our Upcoming Events

Masterclass, Virtual
How to achieve real-time AI inference on your CPU
7th Jul

Masterclass, Virtual
How to power applications for the data-driven economy
20th Jul

Conference, in-person (Bangalore)
Cypher 2022
21-23rd Sep

Conference, Virtual
Deep Learning DevCon 2022
29th Oct

3 Ways to Join our Community

Discord Server

Stay Connected with a larger ecosystem of data science and ML Professionals

Telegram Channel

Discover special offers, top stories, upcoming events, and more.

Subscribe to our newsletter

Get the latest updates from AIM
MOST POPULAR

What can SEBI learn from casinos?

It is said that casino AI technology comes with superior risk management systems compared to traditional data analytics that regulators are currently using.

Will Tesla Make (it) in India?

Tesla has struggled with optimising their production because Musk has been intent on manufacturing all the car’s parts independent of other suppliers since 2017.