Elon Musk offers to buy Twitter; check how much he’s offering to acquire microblogging platform

Twitter's shares jumped 12% in premarket trading on news that Elon Musk is offering $41 billion to buy the microblogging platform.

New Delhi: Billionaire Elon Musk has offered to buy Twitter for about $41 billion, just days after rejecting a seat on the social media company`s board. Musk`s offer 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 the Tesla CEO`s more than 9% stake in the company was made public.

Twitter`s shares jumped 12% in premarket trading.

"Since making my investment I now realize 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.

"My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder," Musk said. Also Read: OYO recorded more bookings for Navratri, Ashtami weekend than Valentine's Day, Holi ones

I made an offer https://t.co/VvreuPMeLu

— Elon Musk (@elonmusk) April 14, 2022

Earlier this week, Musk said he had abandoned a plan to join Twitter`s board, just as his tenure was about to start. Taking the board seat would have prevented him from a possible takeover of the company. Also Read: Here’s how to pay LIC premiums via UPI -- Check step by step process