Tesla CEO Elon Musk is offering to buy Twitter 100% in cash

SAN FRANCISCO — Elon Musk is offering to buy Twitter just days after the Tesla CEO said he would no longer be joining the social media company’s board.

Twitter Inc. said in a regulatory filing on Thursday that Musk, who currently owns just over 9% of its shares and is the company’s largest shareholder, provided the company with a letter on Wednesday, offering to buy the remaining shares of Twitter contained which he does not yet own. Musk offered $54.20 per Twitter share.

“I invested in Twitter because I believe in its potential to be the platform for free speech around the world, and I believe that free speech is a societal imperative for a functioning democracy,” Musk said in the filing. “However, since making my investment, I have come to realize that the company will not thrive in its current form, nor will it serve this societal imperative. Twitter needs to be turned into a private company.”

Shares of Twitter are up nearly 12% pre-market.

The first move since being acquired by co-founder Jack Dorsey in November has been to reorganize the businesses without making any major changes. The company is long behind its social media competitors and has far fewer users.

Copyright © 2022 by The Associated Press. All rights reserved. Tesla CEO Elon Musk is offering to buy Twitter 100% in cash

Dais Johnston

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