Elon Musk has revealed he has a backup plan if his humungous takeover bid for Twitter gets knocked back.
The Tesla boss has offered to buy the social media company for a little more than US $41 billion.
According to reports, Musk has offered $54.20 per share to take full control.
Advert
In a letter to Twitter chairman Bret Taylor, Musk said: "Since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form.
"Twitter needs to be transformed as a private company. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder."
According to the Daily Mail, Elon Musk opened up about his offer while speaking at the TED2022 Conference in Vancouver.
Advert
He said his motivation behind the move was to ensure Twitter could be the gatekeeper to true free speech.
He told the crowd: "This is not about the economics.
"My strong intuitive sense is having a public platform that is maximally trusted and broadly inclusive is important to the future of civilisation."
He added: "The civilisational risk is decreased the more we can increase the trust of Twitter as a public platform.
Advert
"Twitter has become kind of the de facto town square, so it's really important that people have both the reality and perception that they are able to speak freely, in the bounds of the law."
Musk was then asked whether he has a 'Plan B' if the Twitter board knocks back his proposal.
He indicated he did, but didn't elaborate further on what that might look like.
However, there has already been a high-profile Twitter stakeholder speak out against the huge offer.
Advert
Saudi Prince Alwaleed bin Talal wrote on the social media site that Musk would have to do better if he wanted to take control of the company.
Talal is one of the largest Twitter shareholders, however it's unclear how much of a stake he has.
He wrote in response to Musk's proposal: "I don't believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects.
"Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer."
Advert
Musk hit back and questioned whether he should have a say on the vision to make Twitter a free speech haven.
"How much of Twitter does the Kingdom own, directly & indirectly? What are the Kingdom’s views on journalistic freedom of speech," the Tesla boss wrote.
The Twitter board has been locked in discussions about whether to accept the takeover bid and Musk assures them he will have the assets to pay for it.
Featured Image Credit: Planetpix/Alamy Live News. Alamy
