Tesla and SpaceX CEO Elon Musk has offered to acquire Twitter for nearly US$41 billion, Reuters reported, citing a regulatory filing.
In a letter to Twitter chairman Bret Taylor, Musk said the social networking platform will “neither thrive nor serve this societal imperative in its current form.” He also stressed the need for the microblogging platform to be taken private.
“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 added.
The development comes after Musk acquired a 9.2% stake in Twitter to become one of the largest shareholders in the firm.
Following the acquisition of the stake, Musk was supposed to join Twitter’s board. However, Musk decided against it.
Twitter’s shares were up nearly 12% in premarket trading.
See also: Explaining TikTok’s ecommerce bet in Southeast Asia
Editing by Samreen Ahmad
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
