Tesla CEO Elon Musk has offered to buy Twitter outright. The billionaire has been a vocal critic of the platform, mostly over his belief that it falls short on free speech principles.
Tesla and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin on Dec. 1, 2020.
“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 said 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.
Analyst Daniel Ives of Wedbush said in a client note that he believes “this soap opera will end with Musk owning Twitter after this aggressive hostile takeover of the company.” He thinks it would be hard for any other bidders or consortium to come forward and said Twitter’s board will likely be forced to accept Musk’s offer or start a process to sell the company.
“This is going to play out reasonably quickly,” said Spatt, now a finance professor at Carnegie Mellon University. The SEC, he said, “weighs in after the fact for the most part.” The turnabout led CEO Parag Agrawal to warn employees earlier this week that “there will be distractions ahead” and to “tune out the noise and stay focused on the work.”
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