Elon Musk's plan to buy Twitter outright has elicited a response from Twitter.
According to the announcement, "Twitter, Inc today stated that it has received an unsolicited, non-binding proposal from Elon Musk to buy all of the Company's outstanding common stock for $54.20 per share in cash."
"The Twitter Board of Directors will carefully study the proposal to decide the appropriate course of action for the Company and all Twitter stockholders," says the statement.
:: Stay up to date on Elon Musk's surprising Twitter offer by visiting this page.
It didn't say how long the review would take or whether it planned to accept the offer in the press statement.
Elon Musk attempted to buy Twitter for more than $40 billion, as originally revealed in a regulatory filing, prompting Twitter's announcement. The offer came just days after he announced his departure from the platform's board of directors.Tesla and SpaceX CEO Elon Musk has proposed buying "100% of Twitter for 54.20 per share in cash," valuing the firm at $41.39 billion dollars.Mr Musk said earlier this month that he had purchased a 9% investment in Twitter and would join the board of directors, only for Twitter CEO Parag Agrawal to reveal just days later that Mr Musk had changed his mind.
Now, the billionaire entrepreneur has offered to buy the company altogether, claiming that he believes the site needs to alter in order to grow and better encourage free expression.
Mr Musk wrote in an offer letter to Bret Taylor, the chairman of the Twitter board, that he had invested in the social media platform "because I believe in its potential to be the platform for free speech around the world, and I believe free speech is a societal imperative for a functioning democracy," but that "since making my investment, I now realize the company will neither thrive nor serve this societal imperative in its current form."
He described the move as his "best and final offer," adding that if it isn't accepted, he will "have to reevaluate my position as a shareholder.
Following the release of the regulatory filing in the United States, Mr Musk tweeted to confirm his bid, writing, "I made an offer…" and including a link to the SEC filing.
Mr Musk has previously defined himself as a "free speech absolutist" and stated that he does not believe Twitter adheres to free speech ideals.
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