Billionaire Elon Musk has offered to buy Twitter for $41.39billion, a regulatory filing showed on Thursday.
Musk's offer price of $54.20 per share represents a 38 percent premium to the closing price of Twitter's stock on April 1, the last trading day before the Tesla CEO's over 9 percent investment in the company was publicly announced.
Twitter Inc. said in a regulatory filing that Musk, who is the company's biggest shareholder, provided a letter to the company on Wednesday that contained a proposal to buy the remaining shares of Twitter that he doesn't already own.
Shares of Twitter jumped nearly 12 percent before the market open. The stock is still down from its 52-week high of about $73. Meanwhile, shares of Tesla, the electric vehicle manufacturer that Musk heads, slipped about 0.9 percent.
In a tweet, the SpaceX CEO simply wrote: 'I made an offer'.
Twitter CEO: So Elon, would you like a board seat?
Elon: No. Give me all seats.
Imagine being able to spend 41 billion dollars on something and then have 200 billion on top of that. I know that is not how it would work in reality but the numbers are just so astronomical that it is impossible to fully understand. What I do understand is that he is about to be basically the most powerful man in the world. The wealth, the tech, the intellect, and now the platform and the influence. We'll see how he uses that power. He has spoken previously like a Maximus character. Like he wants to take twitter, make it more "free", and give it back to the people with an open source algorithm and less censorship. We'll see if he actually takes power here with twitter accepting a premium share price offer and then once he has all of that power will he unleash it back to the people. It will be a real test. If anyone would do it it would be him. We are talking about the richest man on the planet, who literally doesn't own a house or any material goods. This is going to be fascinating to watch play out.
We did an entire episode on the incubator that was Paypal. Everything you know and use on the internet can basically be tied back to the original members of paypal