Elon Musk Offers to Buy All Twitter Shares For N17.8trn In Cash, 24hrs After Shareholders Accuse Him of Fraud
- Elon musk has again shown money speaks as he has tabled an offer of N17.8 billion in cash to buy out the shares of Twitter
- The amount is 18% higher than the total worth of Twitter shares and comes with a condition that they must sell
- Musk's moves come just 24 hours after a shareholder sued him of buying is 9.2 per cent stake at a cheap price
World Richest Man, Elon Musk has again shown money speaks as he offered to purchase all of Twitter's shares for $43 billion(N17.8 trillion).
Must was sued on Tuesday, 12 April by former Twitter Inc shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2% stake in the social media company.
In response, Musk decided to pay off all shareholders including the founder, Jack Dorsey or he will withdraw his investments.
Source: AFP
On Thursday, Musk’s letter to the U.S securities was circulated, which states that he is interested in taking Twitter private by offering to buy the public firm’s stock for $54.20 per share, 18.2% above the current market value of $45.85, Reuters reports
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
The billionaire told the Twitter chairman, Bret Taylor, in the letter, that he invested in Twitter because of its crucial role in democracy, and he’s eager to unlock the potential of the social media platform.
The letter reads:
“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.”
Dangling his stake before the chairman, Musk threatened that he would reconsider his investment in the firm if his buyout offer is rejected.
He said:
“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
Elon Musk recoups his money spent in becoming Twitter largest shareholder, after making over N6.36trn in a day
Legit.ng has reported that Elon Musk's net worth has increased to $288 billion, widening the gap between him and Jeff Bezos, the world's second richest man.
Bloomberg reports that between 9:30 a.m. and 4 p.m. on Monday, April 4, he made over $15.3 billion thanks to a rise in the price of Tesla Inc shares and Twitter shares he had purchased on Friday last week.
Legit.ng had earlier reported how Musk committed $2.89 billion to buy a 9.2 percent stake of Twitter making him the largest shareholder.
Source: Legit.ng
