Elon Musk offers to buy Twitter at $43 billion. Musk no longer Twitter’s largest shareholder.
Where: United States
The Facts
In a regulatory filing on Thursday, Twitter Inc. stated that Musk, currently one of the company’s largest shareholders, had proposed buying all remaining shares at $54.20 per share, an offer worth over $43 billion.
Earlier in the day, Vanguard disclosed that it had increased its stake in Twitter, moving it into the position of the company’s largest outside shareholder.
The Vanguard Group has increased its shareholding in Twitter to 10.3% and now owns 82.4 million shares valued at $3.78 billion.
Musk hasn’t yet finalized how he’d finance his offer or elaborated on who he would ask to help run the company. His Twitter dealings have sparked concern among Tesla investors and analysts.
Within a week, Elon Musk has moved from holding a 9.2% stake in Twitter, with a seat on the board, to offering to buy out the social-media site for $43 billion in cash.
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