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Elon Musk has offered to buy the rest of Twitter Inc. in a deal valuing the social-media company at more than $43 billion, calling the bid his “Best and final offer.”

“If it is not accepted, I would need to reconsider my position as a shareholder,” said Mr. Musk, who earlier this year built a more than 9% position in the stock, making him the company’s largest shareholder.

“I am not playing the back-and-forth game.”

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