Elon Musk, the CEO of Tesla, has offered to acquire Twitter outright. After purchasing a 9.5% share in the company last week, the business magnate wants to possess 100% of the social media platform.
Elon Musk recently became the company’s largest shareholder. Elon has joined the company’s family, according to Parag Agrawal, the company’s chief executive officer by saying “excited to share that” they were “appointing Elon Musk to the board”
Elon replied, saying he was “looking forward to working with Parag and Twitter to make significant improvements to Twitter in coming months”
Things swiftly changed after Tesla CEO Elon Musk stated he was not ready to join the Twitter board of directors.
He must have a back-up strategy for his business. In a letter to Twitter Chairman Bret Taylor, Musk stated that he believes Twitter has a lot of promise, but that it will thrive more if it is kept private.
“As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made. After the past several days of thinking this over, I have decided I want to acquire the company and take it private” he said.
Tesla boss Elon Musk also said he invested in social media giant because he believe the platform promotes “free speech around the world, and also believe free speech is a societal imperative for a functioning democracy”