KEY POINTS

  • Musk has a 9.2% stake in Twitter
  • He now wants to buy out the social media platform
  • Musk owns three cryptocurrencies, Bitcoin, Ethereum and Dogecoin

Tesla CEO and tech billionaire Elon Musk has announced to buy Twitter, but if the purchase does not push through, another billionaire has suggested an alternative investment that the world's richest man can undoubtedly afford and pull off.

Musk offered to purchase Twitter, noting he believes in the micro-blogging site's "potential to be the platform for free speech around the globe." He shared the information through a tweet Thursday.

The Tesla CEO's name trended on Twitter along with hashtags #TwitterTakeover and #FreeSpeech, with a lot of users sharing their two cents on the topic. Billionaire Michael Saylor, the CEO and founder of the American software company MicroStrategy, chimed in and suggested another investment to his fellow billionaire.

Elon Musk acknowledged his bid to buy Twitter may fail, but said he has a "plan B"
Elon Musk acknowledged his bid to buy Twitter may fail, but said he has a "plan B" AFP / Olivier DOULIERY

Saylor, an advocate of the number one cryptocurrency Bitcoin, urged Musk to consider buying a fraction of BTC in case his offer to buy out the social media platform is rejected by the company's board. "If you can't buy all of @twitter you can still buy a fraction of #bitcoin," Saylor's tweet read.

It is public knowledge that Musk has invested in three cryptocurrencies: Bitcoin, Ethereum and Dogecoin. In February, 2021, Tesla announced that it purchased $1.5 billion in Bitcoin and planned to accept it as a form of payment.

During the B Word Conference in July last year, Musk confirmed that SpaceX, another business he founded, does hold Bitcoin but he did not disclose the aerospace company's investment in the largest cryptocurrency in the world.

A filing with the U.S. financial regulator showed Musk's conversation with Twitter's board, highlighting that he had floated the idea about the platform going private over the weekend. The CEO noted that he realized after investing in the company that it would not "thrive nor serve this societal imperative in its current form," thus, suggesting it should be "transformed into a private company."

Musk offered to buy 100% of the company for $54.20 per share, which according to him, was "his best and final offer." He said if his offer will not be accepted, he will "need to reconsider" his "position as a shareholder."

Bitcoin was trading down 3.01% at $39,990.00, with a 24-hour volume of $25,282,722,260 as of 12:35 p.m. ET on Thursday, based on the data from CoinMarketCap.

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