The Tesla CEO made an offer to buy Twitter outright, valuing the company at $43.4 billion.
On Thursday, the Tesla CEO said the social media giant needs to be taken private to grow and become a platform for free speech.
Musk is currently the company’s second-largest shareholder after he recently acquired Twitter stocks for up to 9.2%. in a letter to Twitter’s board on Wednesday, Musk wrote, “Twitter has extraordinary potential. I will unlock it”.
In the Wednesday letter, Musk offered $54.20 per share of Twitter’s stock, which comes out to $41.3 billion a slightly higher than Twitter’s current market cap value of $36.7 billion.
According to sources, Twitter has received Musk’s offer and will decide whether it is in the best interests of shareholders to accept or continue to operate as a publicly-traded company.
Elon Musk has over 80-million followers on Twitter and has often used his platform to share his criticisms of the social media giant.