Elon Musk offers to buy Twitter outright for US$43 billion, says it ‘needs to be transformed’
- The Tesla CEO, who has been embroiled in a ‘soap opera’ with the social media platform, made an offer of US$54.20 per share, calling it his final offer
- Musk, who is already the company’s biggest individual shareholder, recently turned down a seat on its board
Tesla CEO Elon Musk has offered to buy Twitter outright, saying the social media platform “needs to be transformed” from his perspective as a self-identified free speech absolutist.
Twitter Inc. said in a regulatory filing on Thursday that Musk, currently the company’s biggest individual shareholder, has proposed buying the remaining shares of Twitter that he does not already own at US$54.20 per share, an offer worth more than US$43 billion.
Musk called that price his best and final offer, although he provided no details on financing. The offer is non-binding and subject to financing and other conditions.
“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 said in the filing.
“However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”