I think you're right, but you almost nailed it. Musk low-balled because he wants the offer to be rejected, so the stock price dips, so he can buy up enough stock at discount for a hostile takeover.

That's pretty brilliant. He's in a win-win situation, it seems like.

Is it brilliant, or is it standard operating procedure for stuff like this? I would assume most hostile takeovers follow some similar path and also try to manipulate the stock a bit in a way favorable to themselves with their actions prior to the actual final takeover attempt.

That's fair. I've never followed something like this before, but what you say makes sense.

Agreed. It's just another example of his incessant market manipulation.

So far he's played it all perfectly. No matter how it ends up, fascinating drama to watch.

But that is the opposite of hostile. He made an offer to the board and he did it publicly.

If it were a hostile takeover he would buy enough shares to elect his own board.