JUST IN: Elon Musk is offering to buy Twitter, just days after the Tesla CEO said he would no longer be joining the social media company’s board of directors.
FILE - Elon Musk, Tesla CEO, attends the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, March 22, 2022. The intrigue surrounding Musk's Twitter investment took a new twist Tuesday, April 12, 2022, with the filing of a lawsuit alleging the colorful billionaire illegally delayed disclosing his big stake in the social media company so he could buy more shares at lower prices.
Twitter Inc. said in a regulatory filing on Thursday that Musk, who currently owns slightly more than 9% of its stock and is the company's biggest shareholder, provided a letter to the company on Wednesday that contained a proposal to buy the remaining shares of Twitter that he doesn't already own. Musk offered $54.20 per share of Twitter's stock.
“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 says in the filing. “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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