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Elon Musk is trying to buy Twitter for $41.39 billion

2022-04-14 17:04 by
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Twitter Inc. said in a regulatory filing on Thursday that Musk, who currently owns slightly more than 9% of its stock and is the company's biggest shareholder, provided a letter to the company on Wednesday that contained a proposal to buy the remaining shares of Twitter that he doesn't already own. Musk offered $54.20 per share of Twitter's stock.

Musk said the cash offer was his "best and final offer," according to the SEC filing, adding that if it's not accepted he would have to reconsider his position as a shareholder.

"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 letter to Twitter. "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."

"A top priority I would have is eliminating the spam and spam bots and bot armies that are on Twitter," the Tesla CEO said on stage during a TED event in Vancouver. "If I had a Dogecoin for every crypto scam I saw," he added.

The billionaire had already decided against joining the Twitter board and is facing a potential class-action lawsuit because he waited too long to disclose his 9.2% stake. All that will certainly fade into the background if he does manage to pull off an acquisition with this offer.

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