Billionaire Elon Musk Attempts To Purchase Ownership Of Twitter

CEO of Tesla, Elon Musk has proposed an offer to buy Twitter for $58 billion (AUD), after attempting to join the social media giant's board.

The entrepreneurial billionaire already owns 9% of the company, and is seeking to gain outright ownership.

Twitter has since made a move to safeguard ownership, preventing anyone to take more than 15% stake in the company through what is known as a "poison pill".

By adopting the business plan, also known as a "limited duration shareholders rights", Twitter may now open the door for other partners to buy discounted shares.

The poison pill not only blocks current shareholders attempt to sell their stake, but also allows board members to determine the case of Musk's grand offer.

"It is a predictable defensive measure for the board to go down that will not be viewed positively by shareholders given the potential dilution and acquisition-unfriendly move," Wedbush analyst Dan Ives said.

Musk is reportedly the world's wealthiest man, currently worth $265 billion after selling majority of his shares in origin electric car company Tesla. 

The 50-year-old from South Africa also controls satellite company SpaceX, involved in space exploration at a similar level to rival and Amazon CEO Jeff Bezos.

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