Elon Musk is offering double the current listed price for shares of Twitter stock. But if you read the whole letter it says “contingent on financing.”
~50% of TWTR is currently held by 10 institutional investors.
~17% of TWTR is currently held by 10 mutual funds.
Institutions and funds will ALWAYS sell if the offered price is high enough.
So “100%” in never necessary (or achievable). However 67% will completely control TWTR.
Once he buys more stock than any other shareholder, he becomes majority owner. It’s simple Elon Musk plans on becoming sole Owner of Twitter.
If he buys 51% he controls what the company does regardless of what the other shareholders want.
He put those on the Twitter board against the wall by making a one-time transaction and last offer of $43 billion to purchase the company. Because if they reject his offer, other shareholders who aren’t on the board of directors have the right to sue Twitter.
Musk is basically offering $54.20 per share, and the board of directors has a fiduciary obligation to the company’s stockholders.
If he can buy all outstanding stock, he is the sole owner. As long as other shareholders are willing to sell their stock, Musk can buy it, at whatever price he’s willing to pay. That’s how the stock market works.