Elon Musk made headlines once again Thursday with news that he has offered to buy out the remainder of Twitter Inc. The news has increased the volatility in shares of the social media company and also led to a number of opinions on what the buyout means.
What Happened
Elon Musk, the CEO of Tesla Inc. and SpaceX, announced his intentions to buyout Twitter at a share price of $54.20, as reported in Benzinga Pro.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk told Twitter Chairperson Bret Taylor. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”
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