Elon Musk offers to buy Twitter for $54.20 per share, saying the social media company needs to be personally transformed.
“I invested in Twitter because I believe in its potential as a platform for freedom of speech around the world. And I believe that freedom of speech is a social imperative for democracy,” Musk wrote in a letter to Twitter Chairman Bret Taylor and disclosed in a securities filing.
“As a result, I offer to buy 100% of Twitter for $54.20 per share in cash.”
Twitter shares jumped 12 percent in futures trading after closing at $45.85 per share on Wednesday.
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