Elon Musk has offered to buy Twitter in a deal worth approximately $43 billion.
The world’s richest person and CEO of Tesla, Elon Musk, submitted a bid to acquire social media giant Twitter earlier this week.
Musk had offered to acquire Twitter in a deal worth roughly $43 billion. According to the securities filing, Musk intends to take Twitter private and build it into a platform for free speech.
The Twitter board is currently reviewing the deal and will likely decide on the outcome by next week. Twitter’s CEO, Parag Agrawal, has reportedly reassured employees that the company is not held hostage by Musk’s offer.
According to the Reuters report, Agrawal reassured the company’s employees while addressing them via Slack. He encouraged Twitter’s employees to remain focused during this period.
The CEO added that the board is acting in the best interest of the company. He said;
“I have a strong point of view that people who are critical of our service, their voice is something that we must emphasize so that we can learn and get better.”
Musk became the single largest shareholder in Twitter after revealing his 9.2% stake in the social media platform earlier this month. The Tesla boss already declined an invitation to join Twitter’s board.
Musk now wants to make some changes to Twitter and take the microblogging company private. In a letter to Twitter Chairman Bret Taylor, Musk said;
“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. My offer is my best and final offer, and if it is not accepted, I would need to reconsider my position as a shareholder.”
Some investors are concerned that if his proposal is rejected, Musk might dump his Twitter shares and this could see the price experience huge losses within the short term.