ELON Musk has launched a hostile takeover of Twitter.
The billionaire Tesla chief has offered to buy the social media giant for $43billion in cash, regulatory filings showed on Thursday.
The mega-bid comes days after Musk made the surprise purchase of a nine per cent stake in Twitter, which has 200million users.
Twitter CEO Parag Agrawal announced that the 50-year-old would join the board of directors, an offer that Musk later declined.
An updated filing on Thursday revealed that the 50-year-old is making his “best and final” offer to buy 100 per cent of Twitter.
He’s offering $54.20 per share in cash.
The Musk whirlwind kicked off in April when he slammed the social network for how it handles free speech on its platform.
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Weeks later he took the internet by surprise, announcing he had taken almost 10 per cent in the company worth $2.9billion.
The move made him Twitter’s largest investor.
And complaining about the need for a much-desired edit button, Twitter bowed and revealed one was coming.
Musk was set to join the firm’s board, but sensationally decided not to days later.
His position on the 11-person board would have expired in 2024.
Over the weekend, Musk sent out a flurry of tongue-in-cheek tweets to his 80million followers about changes he planned to make.
They included turning Twitter’s HQ into a homeless shelter and changing the company’s name to “Titter”.
He later deleted the posts.
More to follow...
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