Tesla CEO Elon Musk offers to buy Twitter for $41.39 billion

Billionaire Elon Musk has offered to buy Twitter for $41.39 billion, a regulatory filing showed on Thursday.

Musk’s offer price of $54.20 per share represents a 38% premium to the closing price of Twitter’s stock on April 1, the last trading day before the Tesla CEO’s over 9% investment in the company was publicly announced.

If the proposed transaction is completed, the common stock would become eligible for termination of its registration, and would be delisted from the New York Stock Exchange.

Elon Musk has engaged Morgan Stanley as his financial advisor.

“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,” Musk stated.

The proposal is non-binding and, once agreed upon, would be conditioned upon receipt of any required governmental approvals; confirmatory legal, business, regulatory, accounting and tax due diligence; negotiation and execution of definitive agreements providing for the proposed deal; and completion of anticipated financing.

Shares of Twitter Inc were up 11% in pre-market trade on Thursday.