Musk’s offer price represents a 38% premium over the closing price of Twitter’s stock on April 1, the last trading day before the Tesla CEO’s 9.2% investment in the company was made public.
This comes days after Twitter CEO Parag Agrawal’s statement that Musk, who is the largest shareholder of Twitter, would not join the company’s board as previously announced.
He wrote that Musk’s appointment to the board was to become officially effective April 9. “But Elon shared that same morning he will no longer be joining the board. I believe this is for the best,” he wrote.