Elon Musk, chief executive officer of Tesla Inc., departs from court for the SolarCity trial in Wilmington, Delaware, U.S., on Monday, July 12, 2021. Musk was cool but combative as he testified in a Delaware courtroom that Tesla Inc.'s more than $2 billion acquisition of SolarCity in 2016 wasn't a bailout of the struggling solar provider. Photographer: Al Drago/Bloomberg via Getty Images
Musk Makes Offer to Buy Twitter

Tesla Chief Executive Elon Musk has made a $43bn offer to purchase prominent social media platform Twitter and take it private.

It’s a move that if finalized would dramatically reshape one of the most critical fan engagement tools around the world for sports properties, teams, and athletes. 

The offer arrives less than two weeks after it was revealed the billionaire Musk, a frequent critic of Twitter management, acquired a 9.2% stake in the company.

“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 letter to Twitter Chairman Bret Taylor.

Musk, as part of that prior investment in Twitter, was also set to join the company’s board of directors. But that appointment would have limited Musk’s equity holdings in Twitter to 14.9%, something he saw as untenable, and he ultimately rejected the post.

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“Since making my investment, I now realize that the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk said. “Twitter has extraordinary potential. I will unlock it.” 

Musk is the world’s richest man with an estimated worth of more than $270bn. In addition to the Tesla interests, the South African-born Musk is also the founder of aerospace manufacturer and space transport company SpaceX, and founder of tunnel construction company The Boring Company, among many other interests.

He has over 82 million followers on Twitter.

Twitter, in its current structure, has actively partnered with hundreds of sports teams, leagues, and athletes, using the broad consumer interest in sports content as a key pillar of its operations. Most recently, the company signed a multi-year agreement with Formula 1 to expand their existing partnership and provide a wide array of content to Twitter.

“Twitter is where so many of our fans go to get to the heart of the action,” said Ashwin Desai, F1 Head of Digital Media Rights, said following the partnership renewal.

Sport Industry Group
Sport Industry Group

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