Elon Musk recently shook things up at Twitter when he acquired a 9% stake in the social media giant. Musk was originally supposed to join the company’s board of directors. That fell apart after Elon questioned the company’s practices and openly insulted the platform.
An SEC filing revealed in a tweet shows that Elon Musk is trying to buy the company outright. Musk tried to acquire Twitter for $54.20 per share. The total cost would have been $41.4 billion.
That offering was a 38% premium over the average price of common stock on April 1. That was the last day before Elon got involved with the company. Elon Musk also sent a letter to Twitter Chairman Bret Taylor saying he wanted to make Twitter a private company so he could build it the way he sees fit.
“[The initial investment was made] as I believe in its potential to be the platform for free speech around the globe.
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”
Elon Musk’s “free speech” motivation centers around several investigations into whether Musk used his influence on the platform to drive up certain stock prices. Musk has unashamedly done so with less-regulated cryptocurrencies, such as Dogecoin, in the past. Now he is trying to skirt those regulations by trying to turn Twitter into a private firm.
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