Elon Musk Makes Bid To Take Over All of Twitter

Elon Musk Makes Bid To Take Over All of Twitter

The Wall Street Journal is reporting that "Elon Musk has offered to buy Twitter for $54.20 a share in cash, calling the bid his 'best and final offer' for the social-media platform."

This would be a major transformation for the social media platform and the industry.

“'If it is not accepted, I would need to reconsider my position as a shareholder,” said Musk, who earlier this year built a 9.2% position in the stock, making him the company’s largest shareholder.," according to the WSJ.

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

"Musk is worth a cool $274 billion. Now, a former auto analyst-turned-market researcher has broken down the number to show how the Tesla CEO amassed such a mind-boggling fortune—and drives home the point that the huge number is really no huge surprise," according to Barron's.

Musk says that the offer represented a 54% premium over the day before he began investing in Twitter and a 38% premium over the day before his investment was publicly announced.

The social media platform has had a mixed financial performance since it went public.

On Wednesday, shares closed at $45.85. Twitter shares up 11% premarket to $50.80 on Thursday morning.