Elon Musk launches a hostile takeover of Twitter

Elon Musk has offered to buy 100 per cent of Twitter and take it private because “Twitter has extraordinary potential. I will unlock it”.

In a letter to Bret Taylor, chairman of Twitter’s board, the Tesla chief said he had invested in Twitter because he believed in its potential to be the platform for free speech around the globe… “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

Musk has offered to buy 100 per cent of Twitter for $54.20 per share in cash, a 54 per cent premium over the day before he began investing in Twitter and a 38 per cent premium over the day before his investment was publicly announced.

“My offer is my best and final offer and if it is not accepted, I would need to reconsider,” he stated in the letter.

This move comes a few days after Musk picked up a 9.2 per cent stake in the company and then went onto reject a seat on its board.