Tesla CEO Elon Musk has offered to buy the social network Twitter for $41.3 billion in cash.
“I am offering to buy 100 percent of Twitter in cash at $54.20 per share …. My offer is the best and final offer. If it is not accepted, I will have to reconsider my position as a shareholder,” Musk said.
Twitter’s stock rose more than 12% after this statement.
Earlier this month, Musk purchased a 9.2% stake in Twitter for about $2.89 billion, followed by an announcement that he would join the company’s board of directors. A few days later, however, Twitter CEO Parag Agrawal announced that Musk would not be on the board.