Elon Musk made a $43 billion cash offer to buy Twitter, saying that the social media company needs to be taken private in order to grow and then become a platform for free speech.
“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,” Musk stated.
Musk made the offer in a letter to Twitter’s board of directors, which was made public in a regulatory filing, with a price of $54.20 per share.
“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,” he wrote. “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 stated that he had no interest in owning Twitter in order to profit from it.
“This is not a way to sort of make money… it’s just that I think my strong, intuitive sense is that having a public platform that is maximally trusted and broadly inclusive, is extremely important to the future of civilization,” Musk said at TED2022.
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