Tesla CEO Elon Musk makes his “best and final” offer to buy 100 percent of Twitter in an updated 13D filing filed Thursday. He is offering $54.20 per share in cash.
Musk is offering to “purchase all outstanding common stock of the issuer not owned by the reporting person for cash, valuing the common stock at $54.20 per share.” The proposal was conveyed in a letter to Twitter on April 13. Musk says Twitter needs to go private to go through the changes that need to be made.
“I’d have to reconsider my position as a shareholder,” Musk says if his offer isn’t accepted.
Twitter shares are up over 13 percent premarket following the news. Tesla shares are down 1.5 percent on fears Twitter’s biggest fan – who already runs Tesla, SpaceX, The Boring Company and Neuralink – could be distracted from his new pet.
“There will be distractions”
The Twitter “Will/Won’t buy” saga began in earnest when it was revealed just ten days ago that the world’s richest man had acquired a 9.2 percent stake in the company. Shortly after Twitter announced that Musk would be appointed to its board of directors, that fell out days ago, prompting the Twitter CEO to tell employees, “There will be distractions.”
A hostile takeover will surely distract everyone involved.