Elon Musk launches a bold takeover on Twitter
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(Pocket-lint) – Tesla owner Elon Musk has launched a bold bid to take over Twitter.
Already the company’s largest shareholder, he is trying to acquire the social media company in a deal that could amount to $43bn (£32.7bn).
It offers $54.20 in cash for each share.
According to Bloomberg, the offer was filed today (Thursday, April 14) with the United States Securities and Exchange Commission. She drove shares of Twitter up 18%, though her bid remains higher than their current value.
Earlier this week, Elon Musk declined to serve on Twitter’s board, despite previous reports claiming he would. We now know why.
The often controversial and outspoken tech figurehead also suggested the social network add an edit button, which he later announced as a new feature.
Musk’s personal fortune is currently estimated at around $260 billion. He also threatened to sell his own shares if the bid proved unsuccessful: “If the deal doesn’t work out, given that I don’t have confidence in the management and don’t think I can drive the necessary change in the public market, I should reconsider my position as a shareholder,” he said in a statement.
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Written by Rik Henderson.