Twitter stock soars after Elon Musk discloses buyout bid at 18% premium
Shares of Twitter Inc. TWTR, 0.89% soared 12.2% in premarket trading Thursday, after Tesla Inc. TSLA, -3.13% "Technoking" Elon Musk disclosed a proposal to buy all of the outstanding shares of the social media…
From the Equity Insider archive. This article dates from Apr 14, 2022 and is preserved as first published.
Shares of Twitter Inc. TWTR, 0.89% soared 12.2% in premarket trading Thursday, after Tesla Inc. TSLA, -3.13% “Technoking” Elon Musk disclosed a proposal to buy all of the outstanding shares of the social media company he doesn’t already own for $54.20 each.
13% “Technoking” Elon Musk disclosed a proposal to buy all of the outstanding shares of the social media company he doesn’t already own for $54.
That represents an 18.2% premium to Wednesday’s closing price of $45.85. With 800.64 million shares outstanding as of Feb. 10, Musk’s bid would value Twitter at $43.39 billion. The disclosure comes in a 13D/A filing with the Securities and Exchange Commission early Thursday, in which Musk confirmed his previous disclosure of owning 73.12 million Twitter shares, or 9.1% of the shares outstanding. The filing said Musk had delivered a letter containing the “non-binding proposal” to Twitter, but says there can be no assurance that a definitive agreement will be executed. Twitter’s stock has gained 6.1% year to date through Wednesday, while the S&P 500 SPX, -0.30% has lost 6.7%.
