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Elon Musk Offers to Acquire All of Twitter Shares at $54.20, TWTR Goes Up

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Thu, 14/04/2022 - 10:33
Elon Musk Offers to Acquire All of Twitter Shares at $54.20, TWTR Goes Up
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The Tesla chief and the largest single shareholder of Twitter, Elon Musk, has offered to acquire all shares of the social media giant at $54.20 per share in cash, according to Bloomberg Terminal. The overall worth of this buy in USD would come to $41.3 billion in cash.

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Musk has stated that this is his best and final offer and, should his offer be rejected, he will have to reconsider his position as a shareholder in the company.

This news has sent Twitter shares up 13.6% premarket. As for the Tesla share price, it dropped 1.4% premarket.

Musk believes that Twitter should become a private company in order for the necessary changes to be implemented.

He has stated that he believes Twitter has a potential to become a global free speach platform.

Earlier, Musk astonished the community by announcing that he had purchased over 9% of Twitter shares, becoming the single biggest shareholder. He was appointed to join the board but declined it.

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Musk was also sued by other Twitter shareholders for disclosing his ownership of TWRT too late, making them miss out on the recent run-up in the Twitter stock price caused by Musk's disclosure.

While considering joining the board, Musk suggested introducing the "edit button" and offered to accept DOGE payments for Twitter Blue subscription.

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