4/14, 12:16 PM (Source: TeleTrader)
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Chart for: Twitter Inc

Musk offers to buy Twitter for $54.20 a share in cash

Billionaire Elon Musk proposed on Thursday to acquire 100% of Twitter stocks not owned by the reporting person for $41.39 billion or $54.20 per share in cash. Musk insisted that this is his "best and final offer," stressing Twitter should become a private company to undergo changes that "need to be made."

However, Musk also noted in an SEC filing that he would reconsider his position as a Twitter shareholder if his offer is refused. The shares of Twitter soared over 13% in premarket trade following the offer which is significantly higher compared to yesterday's closing price of $45.85.

The billionaire inventor became Twitter's largest shareholder earlier this month after acquiring a 9.2% stake in the platform, however refusing to join its board of directors. Twitter confirmed in a separate statement it has received the takeover offer and will review it at the board meeting.

Baha Breaking News (BBN) / ND