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Elon Musk offers to buy Twitter

Elon Musk is offering about $41billion to buy 100% of Twitter.

The Tesla CEO made a “best and final” offer of $54.20 per share in cash for the social media giant (that represents a 54% premium over the closing price on January 28, which is the day before Musk started investing in Twitter).

“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said.

Twitter however issued a press statement confirming the offer, saying, “the Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders”.

Currently, Musk’s wealth ranks around $260 billion, according to Bloomberg.

Twitter’s market valuation is about $37 billion. Musk’s offer values Twitter at about $43 billion, according to CNBC.

Writing by Muzha Kucha