Musk launches $43 billion bid for Twitter

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Tesla and SpaceX Chief Executive Officer Elon Musk

THE world’s richest man, Elon Musk, has made an offer to buy all of social media group Twitter for $43 billion, according to a filing made Thursday morning.

The takeover approach comes just days after the Tesla pioneer revealed that he had bought a nine percent stake in the company and followed that by announcing that he would join its board of directors.

That quickly proved unpopular and Musk and the board did a U-turn, announcing it for the best that Musk would not form part of the boardroom. On Wednesday, it emerged that some Twitter shareholders were planning to launch a federal lawsuit against Musk, arguing that he had not disclosed his stake-building quickly enough.

Musk, who has a net worth of some $260 billion according to Bloomberg News, which would make him the world’s richest person, is making a cash offering of $54,2 per share. That is a 54 percent premium to the stock’s overnight close. Musk is being advised by investment bank Morgan Stanley.  – variety.com

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