Billionaire Elon Musk has offered to buy Twitter for about $43 billion in cash, saying the social network he often criticizes needs to go private to see effective change.
This emerges, among other things, from documents that Musk’s lawyers filed with the United States Securities and Exchange Commission (SEC) on April 14, 2022.
Musk offers all current shareholders $54.20 per share — the last closing price before that was around $46. Shares rose more than 18 percent after the proposed deal was announced. The total value of the deal was calculated based on 763.58 million shares outstanding.
If Musk receives enough shares, he wants Twitter to be delisted. There is no information about his further plans with the company. Musk stressed that the price was his final offer. If the takeover attempt fails, he will reconsider his commitment to Twitter.
In early April 2022, Musk surprisingly bought around 9.2 percent of the shares in Twitter. It was then first said that Musk wanted to work on the board of directors of Twitter; later, he backed out — which from today’s perspective, could probably be related to his now known purchase intentions.