On Thursday, April 14, billionaire Elon Musk offered to buy a 100% stake in the social media giant, Twitter for $41.39 billion. Musk has offered to buy per share at $54.20, as per the regulatory filing.
Musk said that he wants to unlock Twitter’s true potential. “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 his filing to US Securities & Exchange.
Currently, the Tesla CEO owns over a 9% stake in Twitter. There were reports of him joining Twitter’s board of directors but CEO Parag Agrawal announced that Elon will not be going the board.
Elon Musk has more than 80 million followers on Twitter & is quite active on the platform. Soon after gaining a majority stake in the company, Musk started a poll over releasing an edit feature for tweets.
Elon Musk has plans to make Twitter much better than what it is now. “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,” Musk further stated.
