South African-born billionaire Elon Musk has offered to buy Twitter for about $41 billion (R600 billion), just days after rejecting a seat on the social media company's board. Twitter needs to be transformed as a private company," Musk said in a letter to Twitter Chairman Bret Taylor. Earlier this week, Musk said he had abandoned a plan to join Twitter's board, just as his tenure was about to start. Taking the board seat would have prevented him from a possible takeover of the company. Musk is the natural owner of Twitter, because as the richest man in the world the opportunity cost to posting is higher for him than for anyone else.

Source: News 24 April 15, 2022 00:00 UTC