The Tesla and SpaceX Chief Executive Officer (CEO) Mr. Elon Musk on the 14th of April, Thursday, offered to buy Twitter for $54.20 per share in cash. The announcement came just days after rejecting a seat on the social media company’s board, which was confirmed by a news agency.
However, the world’s richest man now offered to pay $54.20 per share in cash, representing a 54% premium over the 28th of January. With this, the closing price and the value of a Twitter share is now about $43 billion. The social media company’s shares soared 18%, after the announcement. Mr. Elon Musk said, “Offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
Meanwhile, on the 13th of April, an aTwitter investor sued Mr. Elon Musk for failing to disclose his stake in the micro-blogging platform as sought by the United States (U.S.) laws. The lawsuit has been filed in Manhattan federal court by Marc Bain Rasella on behalf of “all investors who sold or otherwise disposed of Twitter, Inc. securities between March 24, 2022 and April 1, 2022, inclusive,” reports TechCrunch.
According to the lawsuit, Musk began acquiring Twitter shares in January and by March 14, had acquired over 5% ownership in Twitter and had more than 9% shared with Twitter.
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