Elon Musk wants to take over Twitter for 38 billion euros

Elon Musk has offered to buy social media platform Twitter for about 38 billion euros. The billionaire previously bought a minority stake in the company and last week renounced a membership on Twitter’s Board of Directors.

Musk has offered to take over Twitter completely at a converted price of 49.70 euros per share. That is an additional price of 38 percent compared to Twitter’s share price on April 1, the last trading day before the CEO announced his share in the social media company. The Tesla CEO writes in a letter to Twitter chairman Bret Taylor that this is “his last and best offer”. Musk also says he will “must reconsider” his position as a shareholder if this offer is not accepted.

The Tesla CEO announced earlier this month that he had bought a 9.2 percent stake in Twitter. This made him the largest shareholder in the platform. The CEO now writes that he has invested in Twitter because he “believes in the potential” of Twitter to be a platform “for free speech around the world”. “However, since investing, I realize that the company in its current form will neither thrive nor serve this societal need. Twitter needs to be turned into a private company,” Musk said.

Earlier this week, it was announced that Elon Musk has turned down a position on Twitter’s board of directors. No reason was given for this. Musk’s entry was supposed to become official on Saturday, April 9, but that same morning, the Tesla CEO announced that he would no longer be a member of the board. Twitter CEO Parag Agrawal said at the time that this is “the best”. If Musk had joined Twitter’s board of directors, he would have been allowed to buy up to 14.9 percent of the shares.