Elon Musk offers to buy Twitter for 41 billion dollars

Musk announced earlier this week that he will not be joining the board of directors of Twitter, just before his term was due to begin.

Elon Musk offers to buy Twitter for 41 billion dollars
Elon Musk

Elon Musk, Tesla Motors CEO, has made an offer to buy Twitter for $41 billion, just days after declining a seat on the social media company's board of directors.

"As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made.After the past several days of thinking this over, I have decided I want to acquire the company and take it private. I am going to send you an offer letter tonight, it will be public in the morning."

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 per cent holding in the company became public.

In premarket trading, Twitter's stock increased by 12%. "Since making my investment, I've realised that the company, in its current form, will neither prosper nor satisfy this societal necessity. Twitter must be restructured as a private corporation "In a letter to Twitter Chairman Bret Taylor, Musk stated.

"My offer is my best and final offer," Musk added, "and if it is not accepted, I will have to reevaluate my position as a shareholder."

Musk announced 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.