Elon Musk has offered $ 54.2 per share, compared to Thursday's closing price of $ 45.08.

Saudi Prince Alwaleed bin Talal, who is one of the largest shareholders in Twitter, is one of those rejecting the offer.

"I do not think that the proposed offer by Elon Musk comes close to the real value of Twitter given its growth potential," he wrote on Twitter.

Ross Gerber, CEO of the investment company Gerber Kawasaki, which owns over 9,000 shares in Twitter, also rejects the offer.

The shareholder rights plan can be activated

Twitter's board has voted in favor of a so-called shareholder rights plan that can be activated if any owner takes control of 15 percent or more of the company's shares through a transaction that is not approved by the board.

The shareholder rights plan, which is also usually called a "poison pill", means that the remaining owners in that case will have the right to buy newly issued shares to strengthen their ownership.

Musk announced in early April that he had bought up 9.1 percent of the shares in the company behind the social media platform.

Over the past week, he has tweeted that he wants to make the service ad-free - despite the fact that close to 90 percent of the company's revenue last year came from ads.

He has also written that he is running for a seat on the board despite being the largest owner.

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From the boys' room in South Africa to rocket launches towards Mars - this is Elon Musk.

Photo: Brendan Smialowski / AFP / TT