Mark Cuban says Elon Musk is 'f--king with the SEC,' thinks Twitter will 'do everything possible not to sell'
Musk offered to buy Twitter for about $43 billion on Thursday
Fox Business correspondent Kelly O'Grady has more on the billionaire's offer on 'Fox Business Tonight.'
Dallas Mavericks owner Mark Cuban chimed in on Elon Musk's attempt to purchase Twitter for $43 billion, saying that he thinks the Tesla CEO is "f------ with the SEC" and that Twitter will do everything in their power not to sell.
Musk, a popular user on the site with more than 81 million followers, announced the offer on Thursday morning to buy all outstanding shares for $54.20 each.
"I believe free speech is a societal imperative for a functioning democracy," Musk said in a Securities and Exchange Commission filing. "I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."
Dallas Mavericks owner Mark Cuban stands on stage before an NBA basketball press conference in Dallas. (AP Photo/Ron Jenkins, File / AP Newsroom)
The offer per share, $54.20, is reminiscent of Musk's infamous 2018 tweet in which he said he had the money to take Tesla private at $420 per share, which caused Tesla's stock to jump but never materialized.
Musk frequently cracks "420" jokes, as the number is slang for marijuana.
ELON MUSK: ‘UTTERLY INDEFENSIBLE’ NOT TO PUT $43 BILLION TWITTER OFFER UP FOR VOTE
Tesla and Musk settled with the SEC for $40 million in civil fines after he said he had the money to take Tesla private.
"His filing w/the SEC allows him to say he wants to take a company private for $54.20. Vs his ‘Am considering taking Tesla private at $420. Funding secured.’ Price go up. His shares get sold. Profit," Cuban tweeted. "SEC like WTF just happened."
Cuban also said he thinks "every major tech company… is on the phone with their anti trust lawyers asking if they can buy Twitter and get it approved."
"And Twitter is on the phone with their lawyers asking which can be their white knight," Cuban tweeted. "Gonna be interesting."
Musk's offer to buy Twitter came 10 days after he announced that he had been buying shares of Twitter since Jan. 31, netting him about a 9% stake in the company.
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On Sunday evening, Twitter CEO Parag Agrawal sent a message to all employees notifying them that Musk declined to join the company's board.
Tesla CEO Elon Musk talks during a tour of the plant of the future foundry of the Tesla Gigafactory on August 13, 2021 in Grünheide near Berlin, Germany.
In this photo illustration the logo of Twitter can be seen on a smartphone on March 10, 2022 in Berlin, Germany. (Photo Illustration by Thomas Trutschel/Photothek via Getty Images)
In the weeks before he announced his 9% stake, Musk criticized Twitter for its moderation policies, saying that "failing to adhere to free speech principles fundamentally undermines democracy."
Twitter has been criticized in recent years for banning high-profile figures, such as former President Donald Trump, Republican Georgia Congresswoman Marjorie Taylor Greene, and former White House chief strategist Steve Bannon.
Musk said Thursday that it would "be utterly indefensible not to put this offer to a shareholder vote."
"If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty," Musk tweeted.
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Twitter closed down about 1.7% at $45.08 a share on Thursday.
The Associated Press contributed to this report.