Tesla chief Elon Musk has launched a hostile takeover bid for Twitter, offering to buy 100 percent of its stock and take it private, according to a stock exchange filing.
Musk’s latest move towards Twitter comes just days after he turned down a seat on the board following his acquisition of a 9.2 percent stake in the microblogging platform. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he said.
Musk, Twitter’s biggest shareholder, said his “offer is my best and final offer” and he would reconsider his position as a shareholder if it was rejected.Currently the world’s richest man and with more than 80 million followers on the microblogging platform, Musk last week disclosed a purchase of 73.5 million shares — or 9.2 percent — of Twitter’s common stock. His announcement sent Twitter shares soaring more than 25 percent.
'Billionaire attempts to buy his way around background check and other regulatory requirements'
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