Elon Musk Moves to Acquire 'Twitter'... Proposes Approximately 53 Trillion Won

by Keum Boryeong

Published 14 Apr.2022 20:18(KST)

Acquisition at $54.20 per share... Twitter's closing price on the 13th was $45.85

Elon Musk, CEO of Tesla (Photo by Yonhap News)

[Asia Economy Reporter Geum Bo-ryeong] Elon Musk, CEO of Tesla, has initiated the acquisition of the social networking service (SNS) 'Twitter'.

On the 14th (local time), according to Bloomberg News and others, Musk stated in documents submitted to the U.S. Securities and Exchange Commission (SEC) that he plans to offer approximately $43 billion (KRW 52.78 trillion) to acquire Twitter.

The acquisition price translates to $54.20 per share. Twitter's closing price on the 13th was $45.85.

Musk previously became the largest shareholder by holding a 9.2% stake in Twitter. However, he refused to join the board of directors, raising the possibility of a merger and acquisition (M&A).