Tesla CEO Elon Musk makes offer to buy Twitter in cash deal

Elon Musk
Posted at 6:48 AM, Apr 14, 2022
and last updated 2022-04-14 06:48:45-04

(WXYZ) — Tesla CEO is offering to buy Twitter just days after it was reported he would no longer be joining the social media company's board of directors.

According to a filing on Thursday morning, Musk is offering to buy 100% of the company for $54.20 per share in cash. He currently owns just more than 9% of its stock and is the largest shareholder.

"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 the filing. "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."

Last week, Twitter said it entered into an agreement with Musk that he would be given a seat on the board with a term expiring at its 2024 shareholders meeting. On Monday, Musk said he had changed his mind, and there were no details given as to why he changed his decision.