Mighty Musk makes a hostile approach to acquire Twitter: Why he wants to buy the social media giant?

Billionaire Elon Musk has grabbed the global spotlight by making a mega leap to acquire Twitter. Yes, you read that right. Amid growing wealth and potent investments in automobiles and the space industry, he now aims to buy the social media giant and if he cracks the deal, it would be an affluent milestone in his career and he would win a crucial stake and influence in the digital world. His move to bag Twitter has come days after he acquired the major portion of shares in the micro-blogging site. 

As per the deal, Elon Musk has offered to buy Twitter for about $41 billion in cash. Taking to Twitter, he wrote, "I made an offer". Musk's offer price of $54.20 per share, which was disclosed in a regulatory filing on Thursday, represents a 38% premium to Twitter's April 1 close, which was the last trading day before the Tesla CEO's more than 9% stake in the company was made public. On the front of why he wants to buy Twitter, Elon Musk cited that the company needs an overhaul and that it should be transformed into a private entity. 

Days after buying a portion of the share, Musk has now come up with the plan to buy 100 per cent of its stock. In a letter to Twitter chairman Bret Taylor, Musk wrote, "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. 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." 

"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 before my investment was publicly announced. 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", he added.

His hostile approach to acquiring Twitter has become the talk of the globe. Earlier, Musk had rejected an offer to join Twitter's board after disclosing his stake in the company. While his decision to the board had surprised the stakeholders, it was reported that Musk had made that decision with an intention to take over the company as a board seat would have limited his stake to just under 15%. 

Twitter's share value rose after Musk's investment and while Reuters reached out to the company about Musk's deal, it didn't respond. Musk has also said that he has filed the offer with the US Securities and Exchange Commission and revealed that Morgan Stanley was the financial adviser for the offer. It must be noted that Musk is active on Twitter and he had earned over 80 million followers since joining the site in 2009 and he has used the platform to make several announcements. 

50-year-old Elon Musk is currently the Founder and Chief Executive of Tesla Motors and SpaceX companies both of which are based in the United States. He is also the founder of The Boring Company, which is into the business of infrastructure and tunnel construction. Elon Musk's current worth stands at $277 billion, making him the world's richest man.