Billionaire Elon Musk has offered to buy Twitter for about $41 billion, just days after rejecting a seat on the social media company's board.
Musk's offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38 per cent premium to Twitter's April 1 close, the last trading day before the Tesla CEO's more than 9 per cent stake in the company was made public.
Twitter's shares jumped 12 per cent in premarket trading.
"Since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company," Musk said in a letter to Twitter Chairman Bret Taylor.
"My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder," Musk said.
Earlier this week, Musk said he had abandoned a plan to join Twitter's board, just as his tenure was about to start. Taking the board seat would have prevented him from a possible takeover of the company.
Saudi Arabia forecasts deficit of $44 billion in 2026 budget
US holiday shoppers shake off economic blues for online spending spree
UAE, Kuwait sign MoU to expand space partnerships
Amazon and Google launch multicloud service for faster connectivity
Airbus hit by new A320 quality problem after software recall
