Now that Elon Musk has taken a nearly 10% stake in Twitter, why not go all the way? That’s precisely what he’s doing, as explained in an updated 13D filing, offering to purchase Twitter for $54.20 per share in cash.
The filing read that Musk offered “to acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.”
“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” the filing read.
Shares in the social media platform soared as much as 18% on the news.