“Elon Musk attempts hostile takeover of Twitter, calling path ‘painful,’” was the headline in The Washington Post. On April 4, 2022, Elon Musk announced he had become the largest shareholder of Twitter, owning about 9.1 percent of the platform. As a result, a former shareholder filed a suit alleging that Elon Musk violated securities regulations in how he disclosed his stake in Twitter. A proposed class action filed in Manhattan federal court alleged that Musk made “materially false and misleading statements and omissions” when he failed to reveal his investment on Twitter by March 24, 2022, as required by federal law. On April 4th, 2022, Twitter shares went up from $39. 31 to $49.97.

Not satisfied with his percentage of ownership, Musk expressed that Twitter is essential to the functioning of democracy, he launched a $43 billion hostile takeover bid for Twitter. During a Ted Talk on April 14, Elon Musk explained how he thinks that privatizing Twitter can be a big step that could contribute to preventing international conflict. On April 13, 2022, a securities filing disclosed Elon Musk’s offer to pay $54.20 per share, which he called the “best and final offer.” Using his Twitter account, Musk made sure to let the world know that he questions if Twitter adheres to the principle of free speech. Sources said that Twitter’s board members are carefully planning their response to the richest man take over move. Nonetheless, provisions in the company’s bylaws and the poison pill, could make it difficult for Musk to take control of Twitter.