In what is quickly becoming one of the year's hottest stories, the Elon Musk Twitter saga has a brand new chapter after the Tesla CEO recently announced his intentions to buy the company. Elon has hence recently offered to acquire Twitter for a whopping $43 billion, claiming that the social media network he has previously chastised for not upholding free speech values needs to be converted into a private corporation under his watchful eye.
What is happening?
Twitter Inc. recently stated in a regulatory filing that Elon, the companys current largest shareholder, has suggested buying the remaining shares of Twitter which he does not presently control for $54.20 per share, representing a $43 billion offer as aforementioned.
Elon called the pricing his best and last offer, but he didnt elaborate on funding. The offer is also non-binding and subject to financing and various other terms. In any case, Musks proposal to buy Twitter is motivated by his confidence in Twitters capacity to be the platform for free expression throughout the world, a notion he sees as a societal essential for a real and functioning democracy.
Is Elon in the right?
To prove his point, Musk posted a survey last month, asking supporters if they thought Twitter adhered to the idea of free speech or not. About  2 million individuals responded, with more than 70% believing Twitter would often not allow free speech. The Tesla CEO then purchased a 9.2% stake in Twitter and briefly considered joining the companys board of directors. Those ambitions, however, were short-lived, as Twitter CEO Parag Agrawal announced Musks departure from the board before he could even join, stating it was for the best.
Conversely, Elon has reiterated his dissatisfaction with Twitter in its present incarnation. The worlds richest man believes that the social media giant is not living up to its potential and the only way that it can do just that is by transforming into a private company under his leadership. In fact, Elons bid of $54.20 a share represents a 54% premium over the day prior to when Musk started investing in Twitter. Its also a 38% increase from the day before his investment was made public. Twitter's premarket shares are additionally up over 11% as of this writing.
At any rate, it will be interesting to see how the situation develops as life continues to be stressful and troublesome for the Twitter staff who just can't seem to catch a break. In other news, Dogecoin (DOGE), Elons favorite crypto, experienced a slight increase due to the Tesla CEOs recent actions.