Elon Musk, the founder of SpaceX and Tesla, joined Twitter last week and became the largest shareholder. He had to decline the position on Twitter’s board due to a conflict of interest and has tweeted his thoughts about potential changes to the platform.
Elon Musk announces he is looking to acquire Twitter, but only if the company can fix “the issues that made it so hard for me to participate.”
Elon Musk is paying $54.20 per share and $43B or cash for the social media platform, Twitter. Elon Musk has expressed the need for changes to be made in order for Twitter to survive. He has also spoken of free speech recently, which is why people find it interesting that after buying a large stake in Twitter and being invited to the company’s board, he ended up deleting many related tweets
Elon Musk said he would buy Twitter for $43 billion
“I invested in Twitter because I believe it has the potential to be the platform for free speech around the globe and I believe free speech is a societal imperative for a functioning democracy.”
My investment in Twitter stock is no longer profitable. The company needs to be transformed and become cheaper for me to make this investment, or sell it.
I will buy Twitter for a price over the market value at this time. I have made rules for myself and need to follow them regardless of any offers.Elon Musk
Musk’s offer overstates the company’s financial value by 18%. Furthermore, its documentations show that the company has increased in worth by 38% since Musk’s large stake wasn’t properly disclosed.
Twitter has received Elon Musk’s unsolicited offer to buy the company. Twitter will review the offer carefully before making a decision.
Elon Musk is not confident with Twitter management and he also doesn’t think he can push for the necessary changes in the public market.