Musk Seeks New Twitter Investors at Same Price He Paid

Elon Musk is looking for fresh Twitter investors at the same price he paid. Musk spent $54.20 per share for the social networking site earlier this year, in October.

Remember when Musk concluded that buying Twitter at $54.20 was a poor idea and tried to pull out of the deal? Anyone anyone recall that? He attempted to cancel the transaction after accusing Twitter of making “false and deceptive” comments during their discussions. There was a thin pretence of bots involved, but it became evident that none of that was going to fly, and Musk finally shut down Twitter at the end of October, with no compromises whatsoever.

In the past, the Tesla Inc and SpaceX CEO admitted that he overpaid for Twitter but voiced optimism in its long-term potential.

Obviously, myself and the other investors are currently overpaying for Twitter “He stated this on a Tesla conference call in October. “In my opinion, Twitter’s long-term potential is orders of magnitude bigger than its current worth.” 

The new investment opportunity was characterised in a pitch brochure as “a follow-on equity offering for common shares at the initial price and terms, aiming a year-end close.”

Musk purchased the firm for $44 billion in October. To help finance the acquisition, he sold Tesla shares, which has dragged on the price, which is down 57% this year. As of this week, Musk has sold about $40 billion in Tesla stock.