Twitter Speech

The Tesla and SpaceX founder previously disclosed that he owned just over a 9% stake of social media giant Twitter. At the time it was also reported that he would be formally joining the company's board, however, that did not come to fruition.

Billionaire entrepreneur Elon Musk recently turned the social media game on its side after publicly disclosing that he had issued an offer to completely buy Twitter outright "for $54.20 per share in cash."

"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," Musk wrote in a since-disclosed letter to Twitter Chairman Bret Taylor.

"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."

The announcement came as the South Africa native has repeatedly blasted Twitter for its policy of censoring posts and suspending accounts, including that of former US President Donald Trump in the wake of the US Capitol riot.

It remains unclear how the matter may proceed. Shortly after news broke, Prince Alwaleed of Saudi Arabia, who has been a long-time shareholder of the tech giant, voiced that the offer was not "close to the intrinsic value" of the company.