Elon Musk, the founder of SpaceX and Tesla, intends to acquire Twitter Inc., which owns the social network of the same name.
Musk is offering $54 per share, which provides for an 18% premium to Wednesday’s closing price, Barron’s reports, citing regulatory filings. Musk estimates the company’s value at about $43 billion.
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According to Interfax, Musk currently owns a 9.2% stake in Twitter. The company offered him a seat on the board of directors on the condition that he could not own more than 14.9% of the shares, but the businessman refused this offer.
In a letter to Twitter chairman Bret Taylor, Max said his proposal was “the best and last.”
Shares of Twitter jumped 11% in early trading on Thursday.