Tesla CEO Elon Musk has made an offer to buy 100 percent of Twitter. The billionaire businessman is currently the single-largest shareholder of the social media company.
Musk made the offer in an updated 13D filed on 13 April with the US Securities and Exchange Commission (SEC), offering USD 54.20 per share in cash. Accordingly, Twitter’s valuation comes to around USD 41 billion.
More about Elon Musk’s offer to buy Twitter
What Musk said
In his filing, Musk, the richest man in the world according to Forbes, told the SEC, “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.”
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” he said.
“Twitter has extraordinary potential. I will unlock it,” Musk added.
And in case his offer is not accepted, Musk told the SEC, “I would need to reconsider my position as a shareholder.”
On 14 April, Twitter confirmed that Musk has made the offer, and they will be reviewing the proposal carefully.
Musk and the Twitter saga started in April
On 4 April, the media reported that Musk had taken a 9.2-percent stake in Twitter worth USD 2.89 billion. Soon after, Twitter CEO Parag Agrawal said that the billionaire will be joining the company’s board. However, on 11 April, Agrawal released a statement, saying that Musk had declined the position.
Interestingly, Agrawal also said, “There will be distractions ahead, but our goals and priorities remain unchanged.”
Musk is one of the most active fanous personalities on Twitter. He has been almost regularly conducting polls, asking his followers to vote on matters concerning the social media platform, such as the need for an Edit button or whether Twitter upholds free speech.
Among the other businesses that Musk leads are SpaceX, The Boring Company and Neuralink.
(Main and Featured images: Patrick Pleul/POOL/AFP)