The world\u2019s richest man, Elon Musk, has launched a bold takeover attempt at Twitter. The Tesla chief executive offered to buy all of Twitter\u2019s shares for $54.20 per\u00a0share in a single final offer. The deal is valued at about $43 billion while the current market capitalization of Twitter is about $ 35.61 billion.
\nIn a bizarre SEC filing, Musk said after \u201cseveral days of thinking this over\u201d he had made up his mind to acquire Twitter and take it private. \u201cIt\u2019s a high price and\u00a0your shareholders will love it,\u201d said Musk. \u201cMy offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.\u201d
\nIn a statement, Twitter said its board would “carefully review the proposal”.
\nThis is the latest in a strange saga between the tech titan and Twitter. Last week, it was revealed that Musk had bought a 9.2 per cent stake in the company, but he\u00a0then confused everyone by refusing to take up his board seat.
\nThe Twitter takeover would supposedly allow Musk to make the \u201cchanges that need to be made\u201d, but what he is actually cooking up is anyone\u2019s guess. The electric car\u00a0entrepreneur has regularly complained that Twitter is undermining his free speech by removing accounts, and has made suggestions that the social media company bans
\nadvertising and allows payments using cryptocurrency dogecoin.
\nTwitter shares rose by another 3 per cent on the news after a 11 per cent pre-market open rise, adding to its 39 per cent gains in the last month.
\nThe social media company’s chief executive Parag Agrawal foreshadowed this takeover effort earlier in the week in a statement published after Musk turned down a board\u00a0seat and a limit on his holding. “There will be distractions ahead, but our goals and priorities remain unchanged,” he said.<\/p>\n

– Input from investorschronicle.co.uk<\/strong> was used in this article.<\/p>\n","protected":false},"excerpt":{"rendered":"

The world\u2019s richest man, Elon Musk, has launched a bold takeover attempt at Twitter. The Tesla chief executive offered to buy all of Twitter\u2019s shares for $54.20 per\u00a0share in a single final offer. The deal is valued at about $43 billion while the current market capitalization of Twitter is about $ 35.61 billion. In a … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[19],"tags":[13897,13788,13787],"yoast_head":"\n