Elon Musk, the billionaire, has made a offer to acquire Twitter for $41 billion, only days after declining a position on the social media company's board of directors.
Musk's bid price of $54.20 per share, revealed in a regulatory filing on Thursday, is a 38 percent premium to Twitter's April 1 close, the final trading day before the Tesla CEO's more than 9% holding in the business was made public.
In premarket trade, Twitter's stock rose 12%.
"Since making my investment, I've come to recognise that the firm, in its current form, would neither prosper or satisfy this societal necessity." In a letter to Twitter Chairman Bret Taylor, Musk said, "Twitter must be turned into a private firm."
"If my offer isn't accepted, I'll have to reevaluate my position as a shareholder," Musk stated.
Musk said earlier this week that he will not be joining the board of directors of Twitter, just before his term was due to begin. Taking a position on the board of directors would have prohibited him from attempting to take over the corporation.
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