Right after he announced he won’t be joining the board
CEO of Tesla and SpaceX (and meme enthusiast) Elon Musk has announced his bid to purchase Twitter for an unsolicited USD 43 billion. This is right after he announced he won’t be part of Twitter’s board of directors.
He wants to purchase Twitter so it can be transformed into a private company. This move, according to Musk, would make the platform more trustworthy for its users. It would also contribute to providing free speech to Twitter.
“I believe free speech is a societal imperative for a functioning democracy,” Musk said in the filing. “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.“
“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.” Musk added
Currently, Musk owns a 9.2% share of Twitter. CEO of Twitter Parag Aragwal and Twitter’s board of directors are carefully considering the new offer.
At a TED 2022 conference, Musk said that he is not interested in purchasing Twitter to make a profit and has also included that he is unsure whether the purchase will actually go through. If the bid fails, then Elon Musk will initiate his Plan B, which he did not elaborate on.
If the purchase did become successful, Musk might have to sell Tesla shares in order to fund the new venture.