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15 Apr 2022

Elon Musk Offers to Buy Twitter for $43 Billion

Elon Musk Offers to Buy Twitter for $43 Billion

The Index Today

On Thursday, Tesla’s CEO Elon Musk proposed to purchase Twitter Inc. for $43 billion, as he furthered his stance on free speech.

According to Reuters, when asked about the offer at a TED Talk in Vancouver, Musk said, "I think it's very important for there to be an inclusive arena for free speech."

The social media platform’s largest shareholder, Musk’s offer comes after he declined to join Twitter’s board earlier this week after revealing a 9.1% stake in the company. The billionaire entrepreneur put forward the offer in a letter to the board at a cost of $54.20 per share, reported Reuters.

However, the proposal was met with much skepticism from investors with Saudi Arabia’s Prince Alwaleed bin Talal tweeting his opposition of the offer by contending that Elon Musk’s bid significantly underestimated the social media giant.

However, Musk seemed to suggest at his TED Talk a stronger pursuit of the offer by directly approaching Twitter’s shareholders. "It would be utterly indefensible not to put this offer to a shareholder vote," he said in a tweet.