Elon Musk offers to buy 100 percent of Twitter

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Tesla CEO Elon Musk is offering to buy 100 percent of the company in an updated 13D filing. He’s offering $54.20 per share in cash.

Musk is offering to “acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.” The proposal was delivered in a letter to Twitter on April 13th. Musk says Twitter needs to go private to go through the changes that need to be made.

“I would need to reconsider my position as shareholder,” says Musk if his offer is not accepted.

Twitter shares are up over 13 percent pre-market on the news.

Developing…

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