Tesla CEO Elon Musk Offers $41 Billion To Buy Twitter

The billionaire entrepreneur has sent an official bid to buy off social media platform Twitter at a 38% higher price tag than its closing price on April 1. Elon Musk offered $54.2 per share, which sums up to a whopping $41 billion in total.

He wrote in a letter designated for Twitter chairman Bret Taylor, “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.”

“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.”

“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”

It was revealed to the public recently that Musk owns 9.2% of the share in the company. One day after the knowledge became public, Twitter offered Musk to become part of the board of directors.

He had refused the position, noting that becoming a part of it would make it impossible for him to buy off the company. And for the next few weeks, Musk had tweeted suggestions and changes he’d make to the “dying” platform.

Among them was to convert their San Francisco HQ into a homeless shelter.

“I am not playing the back-and-forth game. I have moved straight to the end,” Musk made her ultimatum clear. “It’s a high price and your shareholders will love it.”

Twitter sent their reply publicly, “The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”

Analysts predicted that Musk’s bid is likely to be accepted, while the company’s employees are split in opinion. Some had revered the man as “Daddy Elon” but the rest were reluctant to accept a “racist demagogue” as their new CEO.

Twitter CEO Parag Agrawal has tweeted that Musk’s refusal was “for the best” but is worried for “distractions ahead” at his employees.