Elon Musk is offering to buy Twitter for $43 billion, saying the social media company “needs to be transformed as a private company.”
The billionaire and Tesla founder, who is Twitter’s largest shareholder after disclosing he owns a 9.2% stake in the company, proposed in a regulatory filing on Thursday to buy all of Twitter.
“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,” he 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.”
Describing Twitter as having “extraordinary potential,” Musk said his unsolicited bid is his “best and final offer.” He also said he would “reconsider” his investment in the company if his offer is rejected.
Musk, who also founded SpaceX and is ranked by Bloomberg as the richest person in the world, earlier this month revealed that he had bought a $2.9 billion stake in Twitter.The company said at the time that the entrepreneur would join its board of directors, but Twitter CEO Parag Agrawal said on Sunday that Musk had changed his mind and would not take a seat as a boardmember.
This is a developing story and will be updated.
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