Twitter shares rose by 11% in premarket trading on Thursday, as Tesla CEO and founder Elon Musk became the platform’s largest shareholder.
Tesla’s CEO stated that it was his “best and final offer,” as he put in a financial filing $54.20 a share, nearly 40% higher than Twitter’s stock price in January.
Additionally, Musk decided not to join the social media company’s board, despite having the largest shareholder.
“Elon’s appointment to the board was to become officially effective 4/9, but he shared the same morning that he will no longer be joining the board,” Twitter CEO Parag Agrawal wrote on Twitter on Sunday.
In fact, Musk said in the filing that he doesn’t have confidence in management.
Tesla CEO didn’t reveal anything in previous days until today with his Tweet, announcing the news.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
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