ELON Musk has launched a hostile takeover of Twitter.
The billionaire Tesla boss has decided to buy the social media giant for $43 billion in cash, regulatory filings filed Thursday showed.
The mega deal comes days after Elon Musk made the surprise purchase of a nine percent stake in Twitterwhich has 200 million users.
Twitter CEO Parag Agrawal announced the 50-year-old would join the board, an offer Musk later declined.
A filing updated Thursday revealed the world’s richest man is making his “best and final” offer to buy 100 percent of Twitter.
He is offering $54.20 per share in cash.
Should Twitter accept the offer, Musk would “acquire all outstanding common shares.”
The proposal was conveyed in a letter to Twitter boss Bret Taylor on April 13.
And in a sensational twist in the saga, Musk threatened to resign as a shareholder if his offer isn’t accepted.
“I’d have to reconsider my position,” Musk said if Twitter rejected him.
He added that the social media company, which he has often criticized, needs to go private to see any effective changes.
Musk’s whirlwind began in March when he criticized the social network for how it handled freedom of expression on its platform.
Weeks later, he surprised the internet by announcing that he had taken a stake in the $2.9 billion company.
The move made him Twitter’s largest shareholder.
After Musk tweeted about the need for a much-coveted edit button, Twitter bowed and revealed one was coming.
He was slated to join the firm’s board of directors but dramatically declined the offer earlier this week.
Analysts said the move signaled his intent to acquire the company, as a seat on the board would have capped his stake at just under 15 percent.
“Since making my investment, it has been clear to me that the company will neither thrive nor serve this societal imperative in its current form,” Muk wrote in his letter.
“Twitter needs to be transformed as a private company.”
He added: “My offer is my best and final offer and if it is not accepted I would have to reconsider my position as a shareholder.”
Twitter did not respond to a request for comment.
Musk has amassed over 80 million followers since joining the site in 2009, making him one of its most popular users.
He has used the platform to make several announcements, including announcing a Go Private deal for Tesla landed him in hot water with regulators on.
Over the weekend, Musk sent out a barrage of tongue-in-cheek tweets about changes he planned to make to the platform.
That included turning Twitter headquarters into a homeless shelter, as “nobody shows up anyways,” and changing the company’s name to “Titter.”
He later deleted the posts.
Musk already serves as CEO of both Tesla and SpaceX.
He also runs the tunneling company The Boring Company and Neuralink, a project that involves implanting computer chips in people’s brains.
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https://www.thesun.ie/tech/8653742/elon-musk-offers-buy-twitter-hostile-takeover/ Elon Musk wants to buy Twitter for a $43 billion hostile takeover and threatens to pull stock if not accepted