(Fwrd Axis) — Elon Musk said Thursday he has made a massive offer to buy 100 percent of Twitter, offering to acquire all outstanding shares of Twitter for $54.20 each.
According to a filing with the Security and Exchanges Commission, Musk offered to take the company private, which would give him greater control of the company.
“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 wrote in a letter to the chairman of Twitter’s board of directors, that was included in the SEC filing.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
Twitter said in a press release that it will consider Musk’s offer.
“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,” the company said.
The news comes following Musk buying a major stake in the company back in March and later joining the Board of Directors only to reverse that decision just days later.
The billionaire businessman has been vocal about criticizing Twitter’s handling of its platform, most notably how it regulates what people are allowed to say, referring to the social media company cracking down on misinformation, calls for violence, harassment, and conspiracy theories.
Republican politicians and conservative commentators have been vocal about the company ever since the company banned former President Donald Trump after his tweets regarding the January 6 attack on the United States Capitol.
“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 added in the letter.
Musk is the co-founder and CEO of Tesla and the founder and CEO of SpaceX and is worth about $259 billion, according to Bloomberg’s Billionaires Index.