Elon Musk makes cash offer to buy Twitter
Elon Musk has made a cash offer to buy Twitter for $54.20 per share, in his latest play for the social media giant.
The Tesla billionaire said on Thursday in a letter to the chairman of Twitter's board Bret Taylor, disclosed via, that if the offer is not accepted he would"need to consider [his] position as a shareholder." The price is a 54% premium over the day before he began investing in Twitter and a 38% premium over the day before his investment was publicly announced, he said in the note."I'm not playing a back-and-forth game," wrote Musk."I have moved straight to the end."
Twitter will review what's on the table with advice from Goldman Sachs and law firm Wilson Sonsini Goodrich & Rosati, according to a report by Reuters.Musk said he would not be joining Twitter's board, a move that would have prevented him from increasing his stake in the social media firm beyond 14.9%.
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