Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Daily Record
Daily Record
Bev Lyons

Elon Musk puts in offer to buy Twitter for $41 billion

Elon Musk has put in an offer to buy Twitter, for $41 billion - and reckons he is the ideal candidate to "unlock" its "extraordinary potential".

Tesla owner Elon who regularly goes viral already own 9.2 per cent of the social media platform and had initially been offered a seat on the board after his large stake-holding became known.

However, he'd turned that down and now he has announced he would pay $54.20 a share for Twitter, valuing the firm at at total of $41bn.

Elon has put some pressure on the Twitter board now by saying that if they do not accept his offer: "I would need to reconsider my position as a shareholder".

In a letter ot Twitter Inc, and Bret Taylor, the Chairman of the Board, Elon wrote: "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.

"However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."

He continued: "Twitter has extraordinary potential. I will unlock it."

He said his offer was not a 'threat', but 'it's simply not a good investment without the changes that need to be made.'

'And those changes won't happen without taking the company private.'

When Elon decided against taking a seat on he board, Twitter's chief executive Parag Agrawal said it was "for the best".

He added: "We have and will always value input from our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his input."

He warned staff at he time: "There will be distractions ahead."

Elon clearly knew what he was doing because by accepting the board seat, he was limited in how much of the company's shares he could own, with a 14.9 percent cap.

He appears to have had something else in mind.

Get the latest celebrity gossip and telly news sent straight to your inbox. Sign up to our weekly Showbiz newsletter here.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.