Billionaire Elon Musk Image: Brian Lawless/PA Billionaire Elon Musk Image: Brian Lawless/PA Elon Musk’s $44 billion bid to buy Twitter is on the verge of collapse — after the Tesla CEO sent a letter to the social media company’s board saying he is terminating the acquisition.
The possible unravelling of the deal is just the latest twist in a saga between the world’s richest man and one of the most influential social media platforms.Much of the drama has played out on Twitter, with Musk — who has more than 95 million followers — lamenting that the company was failing to live up to its potential as a platform for free speech.
Musk’s flirtation with buying Twitter appeared to begin in late March. That is when Twitter has said he contacted members of its board — including co-founder Jack Dorsey — and told them he was buying up shares of the company and interested in either joining the board, taking Twitter private or starting a competitor.
#Open journalism No news is bad news Support The Journal Your contributions will help us continue to deliver the stories that are important to youMusk had agreed to buy Twitter for 54.20 dollars per share.He sold roughly 8.5 billion dollars worth of shares in Tesla to help fund the purchase, then strengthened his commitments of more than seven billion dollars from a diverse group of investors including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.