Having bought 9.2% of the company and passing on (or being somehow denied) a board seat there, Elon Musk today offered to buy most of the rest for $41.39bn. The offer represents a 39% premium over the stock's price when he disclosed his earlier investment, reports Reuters. Musk suggests he will liquidate his position if the bid fails.
Musk, who calls himself a free-speech absolutist, has been critical of the social media platform and its policies, and recently ran a poll on Twitter asking users if they believed the platform adheres to the principle of free speech.
"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 added. Twitter will review Musk's offer with advice from Goldman Sachs & Co and Wilson Sonsini Goodrich & Rosati, a source told Reuters. The company's shares jumped 12% in premarket trading, while those of Tesla fell about 1%. The total deal value was calculated based on 763.58 million shares outstanding, according to Refinitiv data.
Meanwhile, the consequences of whim are arriving: he's being sued by other investors for failing to promptly disclose that initial investment, a failing that allowed him to buy more without the market knowing of his growing stake.