Elon Musk seeks to buy all of Twitter

Tesla Motors and SpaceX founder Elon Musk has offered to buy off of Twitter for $41 billion in cash just weeks after buying a 9% stake in Twitter to become the largest shareholder in the social network site.

Elon Musk says Twitter needs to be transformed as a private company.

Shortly after this was announced yesterday Twitter stock took a sharp decline closing at -1.68%

The Billionaire CEO was speaking at the TED2022 conference in Vancouver yesterday and laid out his plans for Twitter should he be successful in his bid to gain control of the social network platform. "I think it's very important for there to be an inclusive arena for free speech" musk stated.

He has though acknowledged a need for some level of content moderation, like around explicit calls to violence and said that the service would have to comply with the laws of the countries in which it operates, but he would like to see the social network platform be more open in its policies.

Twitter has confirmed it had received the bid and that its board must review the offer which values its shares at $54.20 per share. Twitter shares in 2021 had highs of $70 per share which are now down to $45 per share today.

Musk has stated in his filing with the Securities and Exchange Commission that this best and final offer and that if it's not accepted he would need to reconsider his position as a shareholder of the social network platform.

In the hours after the announcement twitter stock was down and the cryptocurrency Dogecoin saw a 5.4% rise in value due to the rumours that the cryptocurrency could be integrated into the social network platform.

Musk has been a champion of Dogecoin for some time, musk Twitter Tweets have created a rise in the cryptocurrency since last year when he suggested that Tesla should accept Dogecoin and in a recently deleted Twitter Tweet he had suggested that Dogecoin could be used to pay for Twitter premium service such as Twitter Blue.