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Elon Musk Wants to Buy Twitter for $43 Billion to 'Unlock Extraordinary Potential'

With more than 81 million followers, Tesla boss is one of the most prominent faces on Twitter in the recent times

With more than 81 million followers, Tesla boss is one of the most prominent faces on Twitter in the recent times

Elon Musk has made a best and final offer to buy Twitter for $43 billion. Twitter shares jump 18 per cent after the news. Know details

Elon Musk is leaving no stone untunrned to take over his favourite social media platform Twitter. The world’s richest man has now made a final offer to buy Twitter Inc, according to reports. Tesla chief executive officer is willing to pay $43 billion for entire stake of the company. According to a filing with the US Securities and Exchange Commission on Thursday, the billionaire will shell $54.20 per share in cash, a 54 per cent premium over the January 28 closing price.

“…I am offering to buy 100 per cent of Twitter for $54.20 per share in cash, a 54 per cent premium over the day before I began investing in Twitter and a 38 per cent 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.”

With more than 81 million followers, Tesla boss is one of the most prominent faces on Twitter in the recent times. Earlier this month, he revealed that he owns 9 per cent stake in the popular social media platform. Musk believes the company has extraordinary potential and he will unlock it.

Twitter’s share jumped 18 per cent after this news.

Musk and his Million Changes on Twitter

After becoming the largest stakeholder at Twitter, Musk started a poll, asking the users to vote if its San Francisco headquarter should be converted into a shelter for homeless people. The poll witnessed over a million votes in less than 24 hours, with more than 90 per cent saying yes.

The executive has been vocal about the changes he would like to see at the social media platform. In a separate poll earlier, Musk asked if “w” should be deleted from Twitter’s name, leaving two voting options, “yes” and “of course.”

He also recently suggested a host of changes to the Twitter Blue premium subscription service, including reducing its price, banning advertising and giving an option to pay in the cryptocurrency dogecoin. In a Twitter post, Musk said that users who sign up for Twitter Blue should pay significantly less than the current $2.99 a month, and should get an authentication checkmark as well as an option to pay in local currency.

Elon Musk to Not Join Twitter Board, Twitter CEO Says ‘There will be Distractions Ahead

Twitter had earlier offered Musk a seat at the board but the celebrity CEO rejected it. Twitter chief executive informed the world on April 12 that Tesla boss is not joining the board. “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board. I believe this is for the best,” he wrote.

“I believe this is for the best. We have and will always value input from our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his input,” the Twitter CEO said.

“There will be distractions ahead but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building,” Agrawal further said.

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first published:April 14, 2022, 15:55 IST