Elon Musk, the CEO of Tesla, has stated that he is “not convinced” that his takeover offer for Twitter will be successful.
He made the remarks at a press conference just hours after declaring that he had offered $54.20 per share, or more than $40 billion (£30.6 billion), to buy the company.
Twitter’s CEO also addressed employees on Thursday that the firm was examining the approach.
At the staff meeting, Parag Agrawal reportedly stated that the offer was not holding the company hostage.
“I am not confident that I will actually be able to buy it,” Mr Musk said at the TED2022 conference in Vancouver.
He also mentioned that if his bid for Twitter is denied, he has a backup plan, although he didn’t elaborate on what that may include.
At the occasion, Mr Musk also stated that Twitter should be more open and transparent.
“I believe it is critical to have an inclusive space for free speech,” he stated.
Mr Musk controls more than 9% of the social media network, but he is no longer the company’s largest shareholder.
Vanguard Group, an asset management firm, announced on April 8 that its funds now held a 10.3 percent interest in the company, knocking him off the top rank.