Elon Musk makes a hostile takeover bid on Twitter

Controversial billionaire Elon Musk has made a bid to buy all of the social networking site Twitter for $43 billion, according to a filing Thursday morning.

The move comes just days after the Tesla pioneer revealed that he had bought a 9% stake in the company and followed that up by announcing he had joined its board of directors.

That soon proved unpopular, and Musk and the board made the switch, declaring that it was best he wasn’t part of the board. It emerged on Wednesday that some shareholders were planning to sue the company over Musk’s moves, arguing that the board had not released the information quickly enough.

Musk, who has a net worth of about $260 billion, according to Bloomberg News, is offering a cash offer of $54.2 per share, or a 54% premium on closing overnight.

More to track.

(Visited 35 times, 1 visits today)

Related posts