Billionaire Elon Musk has offered to buy Twitter for about $41 billion in cash, saying the social media company he has often criticized needs to go private to see effective changes.
Report informs, citing Reuters, that Musk's offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38% premium to Twitter's April 1 close, the last trading day before the Tesla CEO's more than 9% stake in the company was made public.
The total deal value was calculated based on 763.58 million shares outstanding, according to Refinitiv data.
Musk rejected an offer to join Twitter's board earlier this week after disclosing his stake in the company, a move which analysts said signaled his intention to take over the company as a board seat would have limited his stake to just under 15%