Elon Musk, CEO of electric-car maker Tesla (TSLA), offered to buy social media company Twitter (TWTR) for about $43 billion in cash.
The offer of $54.20 a share is a 38% premium over the price of the stock the day before Musk’s investment in the company was made public earlier this month, according to a filing with the U.S. Securities and Exchange Commission.
Musk plans to take the company private in order to “go through the changes that need to be made,” he wrote in a text to Twitter Chairman Bret Taylor replicated in the filing.
In late March, Musk criticized the social media platform for failing to adhere to principles of free speech, saying that it serves as a “de facto public town square” and this failure, therefore, undermines democracy.
Following Elon Musk’s tweet in which he stated he wanted to buy Twitter, Tron founder Justin Sun has responded with a counter-offer.
In a tweet thread, Sun said he would be willing to offer $60 a share for the company, compared with Musk’s proposed $54.20. He also supported Musk’s reform initiatives, and said that Twitter could become “crypto-native” as well as “Web3 friendly”.
In his Twitter thread, Sun emphasized two things: he wanted to take Twitter offshore and make it a decentralized company with a workforce that is not “US-centric.” He also wanted to make the company more open and developer-friendly. Finally, Sun said he would encourage users engagement and develop mechanisms to remove bots and scams from the platform.
Sun said that following his plan for the company, it would be worth $10 trillion after one year (about $18 trillion more than its current market cap).