After rejecting his board seat at Twitter which capped his power, Elon Musk has gone all in.
The 50-year-old wants to buy all of Twitter for $54.20 per share.
Twitter wanted to appoint him to the board to tame him and limit his stake in the company to 14.9% and his term ending in 2024. Elon would have to give up his board seat if he wants to go over this 14.9% cap. And he did exactly that by rejecting his appointment.
Elon who is worth $260 billion made his offer of paying $54.20 per Twitter share which represents a 54% premium – all of it worth $43 billion.
Twitter’s market value stands at $37 billion.
This announcement was made to the US Securities and Exchange Commission and left Twitter shares rising to 18%.
Elon Musk said that Twitter has “extra-ordinary potential” and that he will “unlock it”
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