Elon Musk Makes $41 Billion Cash Offer to Buy Twitter

Elon Musk Makes $41 Billion Cash Offer to Buy Twitter

 By Yehudit Garmaise

After long criticizing Twitter for not providing a platform for free speech, Elon Musk, who is the CEO of both Tesla and SpaceX, offered to buy the social media giant for $41 billion in cash on Thursday.

Musk, who is 50 and the world’s richest person, said that in order to grow and provide freedom of speech, Twitter needs to be owned privately and not publicly traded on the stock market.

“Twitter has extraordinary potential,” said Musk, who bought a 9.2% stake in Twitter on April 4, when the company asked Musk to join its board: an offered that Musk declined. “I will unlock it.”

Since investing in Twitter 10 days ago, however, Musk said in a public regulatory filing that he realized that Twitter will not thrive nor serve free speech, if the social media platform remains in its current form.

By buying the entire platform, Musk said he wants to “transform” Twitter, by taking it private.

“I invested in Twitter, as I believed in its potential to be the platform for free speech around the globe, and I believe free speech is a society imperative to a functioning democracy,” Musk wrote.

Twitter confirmed that it has received the offer and it will decide, based on what is in the best interests of its shareholders, whether to accept Musk’s offer or continue to operate as a publicly-traded company, according to the NY Daily News.

Photo credit: Flickr/ Photos © Sandy Huffaker Jr. and Strategic News Service

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