There are some perks to being one of the richest men alive. Going to space, engineering electric cars, and now, a hostile take-over of Twitter.
The South African-born billionaire has his eyes set on the social media company, and like a pit bull, he’s not letting go. According to reports, Musk has made his “best and final” offer to buy Twitter, revealing that the company has remarkable potential, and he’s the one to unlock it.
$41 Billion (R600 billion) is currently on the table. This offer comes days after Musk refused a seat on the social media company’s board.
He is currently offering $54.20 (R795) per share in cash, a 38% premium over the 1 April closing price, the last trading day before the business mogul’s more than 9% stake in the company was made public, as per News24.
“Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk said in a letter to Twitter Chairman Bret Taylor.
“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 said.
Earlier this week, Musk passed on a plan to join Twitter’s board, just as his tenure was about to begin. According to experts, taking the board seat would have prevented Musk from a possible takeover of the company.
Musk and Twitter have had somewhat of a volatile relationship, with this offer being the latest twist in a seemingly never-ending saga. The billionaire is one of the platform’s most closely watched users, often tweeting memes and taunts to his 80 million followers, as per Business Tech.
However, it’s his ideas around what he would do should he acquire the social media platform that has truly held users’ attention. Musk had previously stated that he would convert Twitter’s San Francisco headquarters into a homeless shelter. An edit button for tweets and granting automatic verification marks to premium users have also been suggested.