Explained: How Elon Musk made an open offer that Twitter can refuse

Twitter CEO Parag Agrawal has said he can't discuss the contours of the offer but the board is considering the deal

The world’s richest man, Elon Musk, has made an open offer to buy Twitter. About a week ago, Musk revealed he owned 9.2 per cent of the publicly-listed social media platform. He was offered a seat on the board with a caveat; he could not buy more than 14.9 per cent stake.

Musk refused the seat and made an offer to buy 100 per cent of Twitter, for $54.2 per share, valuing the company at about $43 billion. (He is worth about $273 billion). The offer is at a handsome premium of 38 per cent to the price the day before