American Businessman Elon Musk Offers to Buy Twitter

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American businessman Elon Musk has offered to buy Twitter and take the company private. The plans were made public Thursday in a filing Twitter made with the United States Securities and Exchange Commission.

Musk heads the companies Tesla and SpaceX. He has been declared the world’s richest person by Forbes magazine, with an estimated worth of $219 billion. Musk’s latest move comes after Twitter recently confirmed that his past investments had already given him a 9.2 percent share in the company.

The new filing said Musk had proposed buying the remaining shares of Twitter at $54.20 per share. The offer puts a valuation of the social media company at about $43 billion.

In his government filing, Musk said he invested in Twitter because he believes “in its potential to be the platform for free speech” around the world. He added, however, that he now thinks the only way Twitter can become such a platform is to be “transformed” into a private company. He recently created a poll on Twitter that asked users if they believed the service was committed to permitting free speech for all individuals.

Twitter has not done as well as some other social media companies in recent years. It reported a net loss of $221 million for 2021. The loss was largely tied to a settlement of a lawsuit by shareholders who said the company had misled investors. The shareholders accused the company of misleading them about how much its user base was growing and how much users interacted with its platform.

Twitter co-founder Jack Dorsey resigned as Chief Executive Officer in late November and the position was given to Parag Agrawal.