Tesla CEO Elon Musk offers to buy Twitter in cash deal
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 of directors
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.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 of directors.
Twitter Inc. said in a regulatory filing on Thursday that Musk, who currently owns slightly more than 9% of its stock and is the company's biggest shareholder, provided a letter to the company on Wednesday that contained a proposal to buy the remaining shares of Twitter that he doesn't already own. Musk offered $54.20 per share of Twitter's stock.
“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 says 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.”
Shares of Twitter jumped nearly 12% before the market open.