Elon Musk wants to buy Twitter: here’s everything you need to know

On Thursday, April 14th, Musk made an offer to buy the company for $54.20 a share.

This is a big story with a lot of fast moving parts. The story will likely stretch out over the next few months. We thought we'd put together a guide for you, our readers, that can be updated as things continue. We are like you.

It is going to be a bumpy ride.

The latest news.

Twitter’s board adopts “poison pill” to thwart Musk’s takeover bid

The company's board responded with a poison pill the day after Musk announced his proposal. This is the board's way of saying, "Thanks, but no thanks."

If Musk or another buyer attempts to take control of the company, certain shareholders will have the right to purchase more stock. It shows that the board intends to fight Musk's attempt to take sole ownership of the company.

Illustration by Kristen Radtke / The Verge; Getty Images

The story so far.

How did the Musk-Twitter saga begin?

On April 4th, 2022, Musk announced that he had purchased 9.1 percent of the social network. The news that the world's richest man was now the largest shareholder in his preferred social media platform sent the stock price soaring.

Musk immediately asked for suggestions about ways to improve the micro-messaging service. The company offered him a seat on the board, which would have restricted him to just 15 percent of the company. He initially said yes. He said no after changing his mind. Our resident Musk experts, Liz Lopatto andCaseyNewton, dug deeper into why Musk was flirting with the social network and what the likely outcomes would be.

The SEC filings were the first hint that Musk may try to go big

Musk updated his filing with the SEC to say that he would not be a passive player in the company's affairs. The language that he would restrict his holdings to was gone. This was the first clue that he might try something more significant than just buying stock of the board.

Illustration by Kristen Radtke / The Verge; Getty Images

Musk’s offer to buy Twitter didn’t seem likely at first

The only one who didn't believe Musk would launch a hostile takeover of Twitter was Platformer'sCaseyNewton. After news broke that Musk had acquired 9.1 percent of the company's shares, many people briefly entertained the idea that he might try to buy the whole company, only to conclude that he had already gotten everything he wanted out of the company.

The poison pill provisions may not be enough to stop Musk. He assumed that Musk would continue to troll the company through his social media.

Musk says his offer to buy Twitter is his “best and final”

Anyone who has been in the market to buy a house knows about the best and final offers. In his opening statement, Musk claimed that his bid to buy Twitter was exactly that. It's too early to say if that bolsters his position or paints him into a corner. It is clear that he is giving the shareholders of the company a pretty decent premium.

In order to undergo the changes that need to be made, Musk says that they need to go private. There is an edit feature, an open-sourced algorithm, and a higher bar for removing offending tweets.

Musk isn’t trying to buy Twitter to make money, in case you were wondering

Musk is rich. He would say that he isn't interested in buying Twitter to make money. He wants to open source the social media company's algorithm. The takeover bid is being framed as a crusade to protect free speech.

Musk needs to convince shareholders that his offer is in their best interests. What are we doing here?

Is Musk serious about buying Twitter, or is he just trolling?

Musk is a prolific user of social media. He is also a troll, and Liz Lopatto lays out what he needs to do in order to get people to take him more seriously. Several corporate governance experts told us they don't think Musk actually thought about it.

He hasn't lined up the financing to take it private. It's anyone's guess if he's actually listening to them while working with Morgan Stanley. Musk said he might not win in the end. If he succeeds in getting the changes he wants, he may just back off. Everything is possible.

Twitter’s board views Musk’s offer as unwelcome

The board members of the world's richest man are planning their response to the takeover scheme. The poison pill and other provisions in the company's bylaws could make it difficult for Musk to take control.

Photo by SUZANNE CORDEIRO/AFP via Getty Images

Twitter employees are told to strap in for a long ride

The first all-hands meeting after Musk's bid went public was weird. The company said it would continue to evaluate the offer after serenading employees with two famous people.

Employees were frustrated by the lack of a response. They are concerned about the future of the social media platform and the possibility of layoffs.

Musk’s understanding of “free speech” is shaky at best

Hours after announcing his bid to buy Twitter, Musk was on stage in Canada for an interview with Chris Anderson. During the conversation, Musk spoke about his obsession with the truth and his desire to protect free speech and democracy.

His understanding of free speech appears to be unclear. She concluded that Musk may be in for a rude awakening if he succeeds in buying the social media platform.

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