The price offered is a 54% premium over the day before Elon Musk began investing in Twitter and a 38% premium over the day before his investment was publicly announced. Get your market update from nickcawley1 here:
Tesla CEO Elon Musk has offered to buy all the remaining shares of Twitter that he does not own for $54.20 per share in cash, an offer he says that is ‘my final and best offer and if it is not accepted, I would need to reconsider my position as a shareholder’. Mr. Musk adds ‘Twitter has extraordinary potential. I will unlock it’.
In a letter to Bret Taylor, the chairman of Twitter’s board, Mr. Musk said ‘I have 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’.
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