Elon Musk has offered to buy Twitter for $43 billion.
According to a report from Bloomberg, the CEO of SpaceX and world's richest person has made a "best and final" offer to buy the social media company. That offer states that he will pay $54.20 per share in cash, which is 54% higher than the company's share price the day before Musk began his recent investment in the company. In total, Musk's offer for 100% of the company is valued at around a staggering $43 billion.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
Right now, Twitter's market valuation is $37 billion, so Musk's offer is significantly higher.
Elon Musk is currently Twitter's largest shareholder, with a 9.2% stake. But following that recent investment, Musk appears to be having second thoughts about his relationship with the company.
As noted in the Bloomberg report, in a letter sent to Twitter Musk said, "since making my investment I now realize the company will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a private company.”
“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” said Musk.
The SpaceX and Tesla CEO's offer was announced in a filing with the U.S. Securities and Exchange Comission, and comes following his decision to turn down a seat on Twitter's board of directors.
Following the news of his 9.2% share purchase going public, he began discussions with his followers on Twitter about what could be changed at the company. Despite turning down the board position, Twitter CEO Parag Agrawal said that the company would always be open to Musk's input, but it appears Musk wants more than that.
Most of these “top” accounts tweet rarely and post very little content.
— Elon Musk (@elonmusk) April 9, 2022
Is Twitter dying? https://t.co/lj9rRXfDHE
As seen in the tweet above, Musk clearly believes that major change is needed at Twitter, and evidentaly from this offer believes he's the one to make it happen. It's now in the hands of Twitter's board and shareholders to accept or reject Musk's money.
Header image credit: JIM WATSON/AFP via Getty Images
Matt Purslow is IGN's UK News and Features Editor.
