Elon Musk's interest in Twitter may have peaked after he purchased a 9.2% stake in the firm, but he was only getting started.
According to Reuters, Musk has filed a regulatory document revealing that he is seeking to purchase Twitter and has made an offer of $54.20 per share. That's a 38 percent premium over Twitter's closing stock price on April 1, equating to a $41.39 billion offer for the firm. Twitter's stock has risen by 12% in pre-market trading as a result of the purchase effort.
"Since making my investment, I've realized that the firm, in its current form, can neither prosper nor satisfy this societal necessity. Twitter must be restructured as a private corporation "In a letter to Twitter Chairman Bret Taylor, Musk stated. "If my offer is not accepted, I will have to reevaluate my position as a shareholder."