Elon Musk wants to buy Twitter: why does the head of Tesla need a social network and how much did he appreciate it

The founder of SpaceX and Tesla, Elon Musk, who is the richest man on the planet, intends to buy the social network Twitter.

How much and why?

At the beginning of the month, it became known that Musk immediately bought out 9.1% of the company's shares, spending $ 2.64 billion on them. Now he wants to own all 100% of the shares, offering them a better price - $ 54.2 each, which 38% higher than they were worth as of April 1st. Thus, the total amount of the transaction will exceed $40 billion.

“This is my best and last offer,” Musk said and promised that otherwise he would reconsider his position as a shareholder. “This is not a threat – it’s just that in this case [purchasing 9.1%] will be a bad investment for me,” he explained.

The relevant documents have already been sent to the US Securities and Exchange Commission. They explain that Elon Musk hopes to unleash the "incredible potential" of the company and believes that the social network can become one of the main tools for protecting the right to free speech around the world.

Will endeavor to keep as many shareholders in privatized Twitter as allowed by law

— Elon Musk (@elonmusk) April 14, 2022

“However, now that I have invested my own funds in the company, I understand that in its current form, Twitter will neither thrive nor serve this public imperative. It needs to be transformed into a private company, ”the billionaire emphasized.

Twitter management promised to carefully consider this proposal.

By the way, after buying the shares, Musk became the largest shareholder of the company. He was offered to join the board of directors, but he refused.

Source: @elonmusk