Elon Musk offers to buy Twitter for more than $40bn

Elon Musk has launched an audacious bid to buy Twitter for $43.4bn (£33bn) and saying he wants to release its “extraordinary potential” to boost free speech and democracy across the world. 

Musk said the site was not thriving as a company or a tool for improving freedom of speech, and “needs to be transformed as a private company”. 

Musk has more than 80 million followers on Twitter, said if his offer was not accepted he would “reconsider my position as a shareholder” as he did not have “confidence in management”. 

he added “This is not a threat,”  “It’s simply not a good investment without the changes that need to be made.” 

Musk said he had offered to buy all Twitter’s shares for $54.20 each – a 54% premium to Twitter’s closing price on 28 January, the day before he started buying up his stake. 

musk said “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, 

He said “As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day  

He said “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder. Twitter has extraordinary potential. I will unlock it.”