After offering to buy Twitter at $43bn, Elon Musk doubts takeover success

The Tesla boss, Elon Musk, has admitted he is “not sure” his takeover bid for social media firm Twitter will be successful.

BBC quotes the billionaire as making the comments at a conference just hours after revealing that he had offered to buy the company for $54.20 a share, valuing the firm at $43bn.

Twitter’s Chief Executive Parag Agrawal told employees on Thursday that the company was evaluating the approach.

Agrawal also reportedly said at the staff meeting that the company was not being “held hostage” by the offer.

Speaking at the TED2022 conference in Vancouver, Musk said, “I am not sure that I will actually be able to acquire it.”

He added that he had a “Plan B” if his bid for Twitter was rejected, but gave no further details of what that could mean.

Musk also said at the event that Twitter should be more open and transparent. “I think it’s very important for there to be an inclusive arena for free speech,” he said.

On Thursday, he revealed his offer to buy all the shares in Twitter that he does not already own.

In an official filing to US regulators, Musk said he was the right person to “unlock” the company’s “extraordinary potential” and that if his offer was not accepted, “I would need to reconsider my position as a shareholder.”

He also said that if Twitter’s board of directors chose to reject the offer, it would be “utterly indefensible not to put this offer to a shareholder vote”.

Saudi Arabia’s Prince Alwaleed bin Talal shunned the bid, tweeting: “I don’t believe that the proposed offer by Elon Musk comes close to the intrinsic value of Twitter given its growth prospects.”

The billionaire claimed that he has a stake in Twitter through his investment firm Kingdom Holding Company. However, Musk immediately replied asking how many Twitter shares Prince Alwaleed’s firm owns, adding, “What are the Kingdom’s views on journalist freedom of speech?”