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Musk launches $43 billion bid for Twitter

Musk launches $43 billion bid for Twitter
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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