Billionaire Elon Musk offered to buy Twitter with a $43 billion cash takeover offer on Thursday, according to Reuters.
The CEO of Tesla said, social media companies have to transform privately to expand and grow.
Musk’s investment in Twitter was depending on his belief to be the platform for free speech in the world. He wrote in a letter sent to Twitter Chairman Bret Taylor and it disclosed in a securities filing, “…I believe free speech is a societal imperative for a functioning democracy.”
According to the filing, Musk hired Morgan Stanley as a financial advisor.
“As a result, I am offering to buy 100 percent of Twitter for $54.20 per share in cash, a 54 percent premium over the day before I began investing in Twitter then a 38 percent premium over the day before my investment was publicly announced,” mentioned in the letter.
Musk added that he would not reconsider his offers, as it is the best and the final. So, if his offer not accepted, he will rethink his position as a shareholder.
Later on Thursday during a talk at TED2022, he said is not interested in acquiring Twitter to make money off it and even said he is not sure if he would even be able to buy the company.
Twitter shares closed down 1.68 percent on Thursday.
