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Elon Musk Makes Hostile Takeover Bid for Twitter

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Elon Musk, the controversial billionaire, has made an offer to buy all of social media group Twitter for $43 billion, according to a filing made 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 by announcing that he would join its board of directors.

That quickly proved unpopular and Musk and the board did a U-turn, announcing it for the best that he did not form part of the boardroom. On Wednesday it emerged that some shareholders were planning to sue the company over the Musk moves arguing that the board did not disclose the information quickly enough.

Musk, who has a net worth of some $260 billion, according to Bloomberg News, is making a cash offering of $54.2 per share, or a 54% premium to their overnight close.

More to follow.