Elon Musk Offers To Buy Twitter For $41 Billion

FILE - Tesla CEO Elon Musk introduces the Cybertruck at Tesla's design studio Thursday, Nov. 21, 2019, in Hawthorne, Calif. Musk won't be joining Twitter's board of directors as previously announced. The tempestuous billionaire remains Twitter’s largest shareholder. (AP Photo/Ringo H.W. Chiu, File)

Twitter’s board of directors is set to hold a meeting Thursday to discuss Elon Musk’s $41 billion bid to buy the company.

“I made an offer,” Musk announced on Twitter, including a link to the SEC filing with the offer of $54.20 per share.

The news comes days after he rejected a seat on the social media company’s board. Earlier this mont, Musk purchased 9.2% of company shares.

In a letter to Twitter Chairman Bret Taylor, Musk wrote “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”.

“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,” Musk said.

“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” he added.

In the securities filing, Musk said “I am not playing the back-and-forth game”. “I have moved straight to the end,” he continued. “It’s a high price and your shareholders will love it”.

In a statement, Twitter said “The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders”.

The Twitter board will reportedly meet Thursday afternoon to consider Musk’s bid and then the company will hold an all-hands meeting to update staffers.

While many support Musk’s actions, some Twitter users have shared their strong negative reactions to the news.

Liberal columnist Max Boot tweeted “I am frightened by the impact on society and politics if Elon Musk acquires Twitter. He seems to believe that on social media anything goes”.

CEO of the Center for Employment Justice Pam Keith wrote “I love you all, but I am 100% OUT if Musk takes overt (sic) Twitter”.

In the filing, Musk said “Twitter has extraordinary potential.  I will unlock it”.