🚨 Situational awareness: Elon Musk launched a $43 billion hostile takeover of Twitter. He offered to buy the company for $54.20 a share in cash with a "best and final" offer, per SEC docs. Twitter's board will now review the proposal. Go deeper.

💭 Kerry's thought bubble: When I began reporting on Twitter seven years ago, the narrative was it was struggling to grow its user base, to make money, to innovate its product. But in recent years, it's turned profitable and made big changes including long-form content, live audio, and paid products. Yet yesterday's close of $45.85 was 95 cents higher than it closed on its first day of trading in 2013.

My question: What does Musk actually want to change at Twitter, whether it's private or public?