Days after announcing he would not seek a seat on Twitter's board of directors due to a required background check, Elon Musk now wants to buy all outstanding shares for cash
✖ Elon Musk, who recently became Twitter's biggest single shareholder, now wants to buy all outstanding stock in the company. The controversial billionaire made an offer of $54.20 per share to buy up all remaining shares he does not currently own, in the hopes of taking Twitter private and transforming the social media giant into something that more closely aligns with his personal vision of free speech.
"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," Musk wrote in a filing with the Securities and Exchange Committee, which oversees stock transactions. ."However, since making my investment 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.
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