Twitter (NYSE:TWTR) stock is in the news today as Elon Musk makes an offer for the company after recently taking a stake in it.
Let’s go over everything investors need to know about today’s TWTR stock news below!
- To start off with, Musk took a roughly 9% stake in TWTR last week.
- That set him up as the largest shareholder of the company.
- Initially, he was going to join Twitter’s board of directors.
- However, Musk turned this offer down.
- Now Elon Musk is offering to take Twitter private with a $43 billion offer.
- This has Musk offering to buy all shares of TWTR stock for $54.20 per share.
- That represents a 38% premium to the stock’s closing price on the day prior to his investment being made public.
- Musk revealed his intentions for Twitter in a letter to the chairman, Bret Taylor.
- A filing with the U.S. Securities and Exchange Commission (SEC) contains a copy of this letter.
Here’s what Musk had to say to Taylor in his letter.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
However, 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.
As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.”
TWTR is experiencing heavy trading today with some 67 million shares of the stock on the move. That’s nearly double its daily average trading volume of 34.6 million shares.
TWTR stock is up 4.4% as of Thursday morning.
There’s more recent stock news to dive into below!
We’ve got all the hottest news traders need for Thursday. Among that is what’s going on with Veru (NASDAQ:VERU) and Nio (NYSE:NIO) stock, as well as the biggest pre-market stock movers from this morning! You can read all about that at the following links!
More Thursday Stock Market News
- Why Is Veru (VERU) Stock On the Move Again Today?
- Why Is Nio (NIO) Stock in the Spotlight Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
