On Thursday the Chief Executive Officer of Tesla, Elon Musk, has offered to buy micro-blogging and social media platform, Twitter, for $43 billion.
Musk announced the offer in a filing with the U.S. Securities and Exchange Commission.
The billionaire will offer 54.20 per share in cash, representing a 54% premium over the January 28 closing price and a value of about $43 billion.
In a letter to Twitter’s board, Musk said he believes Twitter “will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a private company.”
Musk had first disclosed a stake of about 9% on April 4.
On March 24, the 50-year-old ran a poll asking whether or not Twitter’s algorithm should be open source.
After the majority replied ‘no’, Musk asked whether a new networking site was needed, disclosing he was considering starting his own.
