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Elon Musk makes huge $43 billion offer to take over Twitter

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The Chief Executive Officer of Tesla, Elon Musk, has offered to buy micro-blogging and social media platform, Twitter, for $43 billion.

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Musk announced the offer in a filing with the U.S. Securities and Exchange Commission on Thursday.

The billionaire will offer 54.20 per share in cash, representing a 54% premium over the January 28 closing price and a value of about $43 billion.

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In a letter to Twitter’s board, Musk said he believes Twitter “will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a company.”

Musk had first disclosed a stake of about 9% on April 4.

On March 24, the 50-year-old ran a poll asking whether or not Twitter’s algorithm should be open source.

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Musk later asked whether or not Twitter rigorously adheres to the principle of free speech.

After the majority replied ‘no’, Musk asked whether a new networking site was needed, disclosing he was considering starting his own.

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