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Elon Musk Proposes To Buy Twitter For $54 Per Share; Charge $2/Month For Blue Checkmark

Elon Musk Proposes To Buy Twitter For $54 Per Share; Charge $2/Month For Blue Checkmark

After Twitter decided not to place Elon Musk on its board, Musk is looking into a different way to take control of the social media site. He’s offering to buy it out.

[Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images]

Musk tweeted a link on Thursday to documentation of his offer, in which he states his refusal to negotiate on the price (“I am not playing the back-and-forth game”) and a warning that he’ll consider dumping the shares he’s already purchased if the company doesn’t agree.

“It’s a high price and your shareholders will love it,” Musk says, adding, “If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder. This is not a threat, it’s simply not a good investment without the changes that need to be made.”

According to the Washington Post, Musk’s offer of $54.20 per share, while the company is currently trading at just under $47 per share, sets the full value of the company at about $43 billion, and places Twitter in the position of deciding whether to deny shareholders that significant gain, or go forward under a new owner that doesn’t necessarily hold to the values and standards the company has maintained for itself.

Musk has been tweeting about his plans for the company if he can take it private, including charging $2-3 per month for the privilege of a blue checkmark verification.

Last year Inc reported that Twitter had around 340k verified users. If they all paid to keep their blue checkmarks, that runs to $8 million in blue-check payments, even without accounting for new verification requests.

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