Elon Musk on Thursday announced a $43 billion takeover bid for Twitter after previously buying a large stake in the social media company.
In a statement to the United States Securities and Exchange Commission, the South African-born billionaire and The Tesla and SpaceX chief executive said he believed in Twitter’s “potential to be the platform for free speech around the world,” but since his initial investment in the company in early March, it had realized that it could not achieve this objective under its current structure.
“Twitter needs to be made into a private company,” he said, adding that his offer of $54.20 a share on Twitter was his “best and last offer.”
Shares of the social media company rose more than 10% in premarket trading on Thursday.
Musk has been a strong advocate for greater freedom of expression, especially on social media. But its potential acquisition of Twitter comes as the social media platform comes under increased scrutiny for how it polices online content, including upcoming rules in the European Union known as the name of the Digital Services Act and how the company banned former Donald Trump from the network in relation to statements he made around the January 6 Capitol Riots in Washington, D.C.
“Twitter’s Board of Directors will carefully consider the proposal to determine a course of action that it believes is in the best interests of the company and all Twitter shareholders,” the company said in a statement.
This article has been updated.
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