Elon Musk has offered to buy Twitter for $54.20 per share, or $43 billion, in a filing with the US Securities and Exchange Commission, just over a week after revealing a 9.2 percent investment in the social media business.
“I invested in Twitter because I believe it has the potential to be a global platform for free speech, and I believe free speech is a societal requirement for a functioning democracy,” Musk wrote in an email to Twitter Chairman Bret Taylor.
“Twitter needs to go private because it can neither survive nor serve free expression in its current status,” says Musk, who is worth $273.6 billion.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
“The Twitter Board of Directors will carefully analyze the proposal to determine the course of action that it feels is in the best interest of the Firm and all Twitter investors,” the company said in a statement on Thursday in response to the offer.
Elon Musk said on April 4 that he had purchased a 9.2 percent interest in Twitter, making him the company’s largest shareholder. As a board member, Musk, on the other hand, would not be permitted to control more than 14.9 percent of the firm.
I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.
— Parag Agrawal (@paraga) April 5, 2022
Then, according to Twitter CEO Parag Agrawal, Musk notified the firm that he would not be joining its board of directors. Since then, there’s been a lot of conjecture about Elon Musk next move.
However, during a Q&A session at TED 2022 about his bid to buy Twitter, Musk stated that he believes Twitter should open-source its algorithm so that “no behind-the-scenes manipulation” occurs.
Elon Musk is live at #TED2022 right now. Asked why he made the offer to buy Twitter.
Says he thinks it’s important for there to be an “inclusive arena for free speech.” He thinks Twitter should open source its algorithm so there is “no behind the scenes manipulation”
— Alex Heath (@alexeheath) April 14, 2022
Elon Musk said in his 2022 TED Talk that if the board of Twitter does not accept his offer, he has a backup plan.