Elon Musk Offers to Buy Twitter for $41.3B

14/04/2022, INDIA, 05:50 PM

Twitter shares surged more than 12% in pre-market trading following Musk's statement.


Elon Musk, the CEO of electric-car maker Tesla (TSLA), offered to buy social media company Twitter (TWTR) for $41.3 billion in cash.

"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. 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 in a statement.

Twitter shares surged more than 12% in pre-market trading following Musk's statement.

Musk took a 9.2% stake in Twitter for an estimated $2.89 billion earlier this month, quickly followed by an announcement that he would be joining the company's board of directors. However, CEO Parag Agrawal said a few days later that a board position was no longer on the cards.

Owing to the Tesla CEO's well-known interest in cryptocurrency, such activity his announcements often make ripples in the crypto world. Meme-based crypto dogecoin enjoyed an 11% spike following the news of Musk's Twitter investment.

Twitter has also established itself as a crypto-friendly platform over recent months, adding the ability to send tips in bitcoin last September with the facility extended to ether in February.