Elon Musk pitched Twitter takeover bid before disclosing significant share ownership

On 27 March

James Baxter-Derrington
clock • 1 min read
The 4 April filing also saw Musk declare himself a passive investor with “no present plans for a takeover offer”.
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The 4 April filing also saw Musk declare himself a passive investor with “no present plans for a takeover offer”.

Elon Musk raised a potential takeover bid with the Twitter board well before he disclosed his stake in the firm with the Securities and Exchange Commission.

According to documents filed by Twitter on 17 May, the Tesla CEO spoke with board members, including chief executive Parag Agrawal, on 27 March to discuss Musk potentially joining the board and also taking the social media company private. These conversations also revealed that Musk had purchased a "significant stake of more than 5%" of Twitter's stock, the threshold for which an investor must disclose their stake. Musk did not file this with the SEC until 4 April, raising further questions about whether the rules were followed. Elon Musk puts Twitter deal on hold over spam accounts ...

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