Elon Musk's eyes on Twitter, offeres to buy for Rs 3.2 lakh crore in cash

New Delhi:

Elon Musk, the founder of Tesla, has made an offer to purchase microblogging platform Twitter. Despite owning 9.2 percent of Twitter, Musk offered to buy the company. Elon Musk has stated that he will pay $ 41.39 billion (Rs 3.2 lakh crore) in cash for this. The current price is a 54% premium to when Musk began purchasing Twitter shares.

Musk said, “I invested in Twitter because I believe it has the potential to become a global platform for free speech, and I believe free speech is a social imperative for a functioning democracy. However, since making my investment, I’ve realised that the company, in its current form, will neither thrive nor meet this social imperative. Twitter should be spun off into a private company.”

Musk said, “The offer is my best and final offer and if it is not accepted, I will need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.”

According to the report, Musk, 50, disclosed information about this proposal in a filing with the US Securities and Exchange Commission on Thursday. Following this announcement, Twitter’s stock rose 3.10 percent on Wednesday, closing at $ 45.85.

Elon Musk currently owns 9.2 percent of Twitter, the details of which were made public on April 4. There was also talk of Musk joining the board after the 9.2 percent stake was revealed, but he later declined to join.

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