Elon Musk proposed to buy 100% of Twitter just days after it became known that he would step down from the social networking company’s board of directors. The Tesla CEO warned that he would unlock the company’s potential to make the social network the platform for free speech worldwide.
Musk, the world’s richest man, reportedly offered $41 billion in cash to take over the social network, Bloomberg reported, a figure that represents a 38% premium to Twitter’s close on April 1, the last trading day before his acquisition of a 9% stake was made public.
After turning down a seat on the company’s board of directors on Monday, April 11, the tech mogul announced the potential deal in a filing with the U.S. Securities and Exchange Commission on Thursday, the agency said.
He also mentioned this on his Twitter account:
There is speculation that the push to acquire it is partly due to his anger with the social network over censorship. In a letter to Twitter’s board of directors detailing his offer, he mentions that the platform “will not thrive or serve the social imperative [of free speech]” the way it is currently run.
“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.
“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,” the mogul added in the document.
“Twitter has extraordinary potential. I will unlock it,” Musk said, detailing that to do so, he is offering to buy “100% of Twitter for $54.20 per share in cash,” adding that “is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
Elon Musk, on March 25, surveyed his more than 81 million Twitter followers, asking if they considered that the platform “rigorously adhered” to the principles of freedom of expression.
Free speech is essential to a functioning democracy.— Elon Musk (@elonmusk) March 25, 2022
Do you believe Twitter rigorously adheres to this principle?
Seventy percent said they did not believe the platform adhered to free speech, and several, including some prominent conservatives, urged Musk to buy the platform, according to Breitbart.