Elon Musk offered to buy
Twitter (Ticker:TWTR) for $54.20 a share in cash, according to a 13D filing.
Musk, the CEO of Tesla
Tesla Inc. (TSLA) recently took a 9.2% position in
Twitter .
Twitter shares jumped 11.7% in premarket trading to $51.20.
The filing said that on April 13, 2022, a letter was delivered to the Issuer which contained “a non-binding proposal” to acquire all of the outstanding common Stock of the Issuer.
“This represents a 54% premium over the closing price of the Common Stock on January 28, 2022,” it said. This was the last trading day before Musk began investing in Twitter.
It is also a “38% premium over the closing price of the Common Stock on April 1, 2022,” the filing said, the trading day before Musk’s investment in the Issuer was publicly announced.