Elon Musk vows to fight for ‘future of civilization’ after $43 billion takeover bid on Twitter Business

Mr Musk, who also heads rocket company SpaceX, did not provide details on how he planned to fund his bid. Bloomberg estimates he has just under $3 billion in cash, meaning he would have to borrow heavily or sell his Tesla stake to fund an individual bid.

Speaking at the 2022 Ted conference in Canada, he said: “I have enough assets, absolutely I can do this if possible,” he said, adding that he would like others Twitter shareholders remain as investors.

However, he said, “I’m not sure I can acquire it”, and said he had a plan B if his offer was rejected.

Mr Musk told Mr Taylor that his offer was a ‘best and final offer’ and that ‘if not accepted I will have to reconsider my position as a shareholder’.

This led to speculation that he was deliberately making an offer that would be rejected in order to allow him to save face by selling his stake shortly after buying it.

The tycoon bought his shares between $32 and $40 and would make a profit of around $600 million if he sold at the current price of $45.

Mr Musk said he would push for more content to be left online and that he wanted the company’s algorithms to be open source so they could be publicly inspected for bias.

He said: “A good sign of whether there is free speech is that someone you don’t like is allowed to say something you don’t like.”

Mr Musk also pushed Twitter to introduce an edit button and improve its subscription service to be less reliant on advertising. He also asked if the platform was “dying” and pointed out that many of its most followed accounts are celebrities who hardly ever tweet.

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This notice was published: 2022-04-14 19:32:40

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