Elon Musk on Thursday made his intentions with Twitter Inc. official, offering to buy the company at $54.20 per share in cash.
So far, the social-media platform has said it would review his offer, which values the company at around $43 billion.
Speaking at a TED conference hours after making the offer, Mr. Musk said he isn't sure he will actually be able to acquire Twitter, adding that his offer isn't about the economics or making money.
Asked if he had funding secured, Mr. Musk said, “I have sufficient assets.”
Shares of Twitter closed down 1.7% at $45.08, indicating skepticism that a deal would be consummated.
Will Twitter bite or push back? How would Mr. Musk pay for the deal? What do shareholders think?
And what would Twitter look like under the leadership of Mr. Musk? Stay with WSJ.com as we report these and many other questions.
At an employee all-hands meeting on Thursday, Twitter CEO Parag Agrawal declined to discuss specifics of Elon Musk's offer, only saying the board was considering it.
He said the company had a strong culture of protecting its users and that “no one man can change that,” according to two people who heard the remarks.
He was also asked about Tesla's treatment of minority employees, and Mr. Agrawal said the Twitter board was factoring those issues into its thinking, the two people said.
Mr. Agrawal emphasized that diversity is core to the company's identity, according to a third person who heard the remarks.
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