Elon Musk has offered to acquire Twitter for approximately $41 billion, just days after declining a seat on the social media company’s board of directors.
Twitter’s stock increased 13% in premarket trading.
Musk’s bid price of $54.20 a share, disclosed in a regulatory filing on Thursday, represents a 38 percent premium to Twitter’s April 1 close, the last trading day before Musk’s 9.3% ownership in the firm became public.
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Musk announced earlier this week that he had withdrawn from consideration to join Twitter’s board of directors, just before his term was set to begin. By assuming the board seat, he would have been able to avert a potential takeover of the corporation.
“Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk 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,” Musk said.