Elon Musk has made a “best and final” offer to buy Twitter, saying the company has extraordinary potential and he is the person to unlock it.
The world’s richest person will offer $54.20 per share in cash, representing a 54% premium over the 28 Janaury closing price and a value of about $43 billion . The social media company’s shares soared 18% in pre-market trading.
After his stake became public, Musk immediately began appealing to fellow users about prospective moves, from turning Twitter’s San Francisco headquarters into a homeless shelter and adding an edit button for tweets to granting automatic verification marks to premium users. One tweet suggested Twitter might be dying, given that several celebrities with high numbers of followers rarely tweet.
The takeover is unlikely to be a drawn-out process. “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. Musk has hired Morgan Stanley as his adviser for the takeover. The offer price also includes the number 420, widely recognized as a coded reference to marijuana. He also picked $420 as the share price for possibly taking Tesla private in 2018, a move that brought him scrutiny from the SEC.
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