ICYMI: Tesla CEO Elon Musk has offered to buy Twitter outright, saying the social media platform “needs to be transformed” from his perspective as a self-identified “free speech absolutist.”
FILE - Tesla and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin on Dec. 1, 2020. Musk is offering to buy Twitter, Thursday, April 14, 2022. He says the social media platform he has criticized for not living up to free speech principles needs to be transformed as a private company.
“This is not a sort of way to make money,” Musk said during an onstage interview at the TED 2022 conference Thursday. “Having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization.” “I believe free speech is a societal imperative for a functioning democracy,” Musk said in the filing."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.”Twitter said it will decide whether accepting the offer is in the best interests of shareholders.
Data provider FactSet says Musk owns 172.6 million shares worth $176.47 billion. Just over 51% of his stake already is pledged as collateral, according to a Tesla proxy statement filed in August. That means Musk could use the remaining stake as collateral to borrow about $21.5 billion. He also could borrow on his stake in privately held SpaceX.
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