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Elon Musk offers to buy Twitter for $52.20 a share in cash

Billionaire Elon Musk on Thursday proposed to buy back 100% of Twitter shares for $41.39 billion or $54.20 per share in cash.

Elon Musk stressed that this was his best and last offer and that Twitter should go private to undergo changes that “need to be made.

However, Musk also noted that he would reconsider his position as a Twitter shareholder if his offer was rejected. Twitter shares are up more than 13% following the offer, significantly higher than yesterday’s closing price of $45.85.

The American billionaire became Twitter’s largest shareholder earlier this month after acquiring a 9.2% stake in the platform, however declined to join its board.