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Elon Musk offers to buy Twitter for $55 billion, says it needs ‘transformation’

April 14, 2022
in breaking news today
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Billionaire Elon Musk has offered to buy Twitter for about $US41 billion ($55 billion), just days after rejecting a seat on the social media company’s board.

Key points:

  • Mr Musk is offering $72.87 per share, a 38 per cent premium on Twitter’s last traded price
  • He said he believes the company can not be a “platform for free speech around the globe” without being transformed
  • The company’s shares jumped 12 per cent in pre-market trading

Mr Musk’s offer price of $US54.20 ($72.87) per share was disclosed in a regulatory filing on Thursday.

It represents a 38 per cent premium to Twitter’s April 1 close, the last trading day before the Tesla CEO’s more than 9 per cent stake — which makes him the company’s biggest shareholder — was made public.

The 50-year-old has more than 80 million followers on the microblogging website.

Twitter’s shares jumped 12 per cent in pre-market trading.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Mr Musk says in the filing.

“However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” he 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,” Mr Musk said.

Earlier this week, Mr 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.

ABC/Wires

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