Elon Musk Offers $43 billion To Acquire Twitter

Renowned investor and entrepreneur, Elon Musk, has made moves to acquire Twitter.

The Chief Executive Officer of Tesla reportedly offered the sum of $43 billion to buy the widely used micro-blogging and social media platform.

The billionaire, Naija News understands announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday.

The billionaire will offer $54.20 per share in cash, representing a 54% premium over the January 28 closing price and a value of about $43 billion.

“Twitter will neither thrive nor serve [its free speech] societal imperative in its current form.

“Twitter needs to be transformed as a private company,” said Musk in a letter to the micro-blogging board.

Naija News understands that the entrepreneur had first disclosed a stake of about 9% on April 4.

Musk had also on March 24 ran a poll asking whether or not Twitter’s algorithm should be open source. He subsequently asked whether or not Twitter rigorously adheres to the principle of free speech.

After the majority replied ‘no’, Musk asked whether a new networking site was needed, disclosing he was considering starting his own.

Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in its latest data released, disclosed that oil output dropped to an average of 1.24million barrels per day (bpd) from 1.25 million in February 2022.

According to the regulatory commission, the data released represents a 0.80 per cent decrease from the previous month, representing the lowest production capacity so far in the year.

NUPRC disclosed that Nigeria is producing below 1.4 million barrels per day in 2022, failing to meet its Organisation of Petroleum Exporting Countries (OPEC) quota of about 1.8 million bpd.

Nigeria might have lost N900 billion in oil earnings for the month if the March oil price figure is used.

This article was originally published on Nigeria News