Twitter has received an offer from billionaire Elon Musk, CEO of Tesla and SpaceX, according to a regulatory filing on Thursday.
When it comes to buying the platform, Musk has offered to pay a total of $41,39 billion (€37,92 billion).
This translates to $54.20 per share, a 38% increase above the share price before Musk purchased over 9% of the stock on April 1. In pre-market trading, Twitter’s stock price rose sharply, approaching the value Musk had proposed.
“Now that I’ve made my investment, I’ve come to the realization that the company won’t be able to meet this societal need in its existing shape. As a private firm, Twitter has to be restructured “In a letter to Twitter CEO Bret Taylor, seen by Reuters, Tesla CEO Elon Musk wrote.
In the event that his offer is rejected, Musk stated, “I would have to reevaluate my stance as a shareholder.”