Billionaire founder of Tesla launches hostile bid for the social media company, saying it 'needs to be transformed.'
Twitter shares rose 3.6% to $47.49 in early trading. Shares in the social media platform, which was valued at $37 billion prior to Musk's offer, had declined by roughly a third over the prior year.
In a subsequent interview on Thursday with journalist Chris Anderson at a TED event in Vancouver, Canada, that was posted on , Musk said"it's very important for there to be an inclusive arena for free speech," adding that Twitter"has become the de facto town square." Musk, who also founded SpaceX, on April 4 revealed that he had bought a $2.9 billion stake in Twitter, making him its biggest shareholder. The company said at the time that the entrepreneur would join its board of directors, but Twitter CEO Parag Agrawal said on Sunday that Musk had changed his mind and would not take a seat as a board member.
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