Twitter’s board of directors met on Sunday, April 24 to discuss Elon Musk’s $46.5 billion takeover bid. The board’s stated willingness to seriously consider the Tesla CEO’s offer reveals that Musk may have a chance to make Twitter private.
Initially hostile to the idea of Tesla CEO Elon Musk taking over Twitter, the company is said to be reconsidering the idea after the billionaire said last week he had gotten the $43 billion. euros of funding needed. However, Twitter seemed to want to do everything to counter Elon Musk’s takeover bid, so much so that the company had considered using a “poison pill”, a mechanism that consists of make a company’s shares and capital less attractive and especially a lot more expensive for those who wish to acquire it.
The company’s decision to engage Musk did not mean it would accept his offer of $54.20 per share, the sources said. It did, however, mean that Twitter was exploring the possibility of a sale to Musk on attractive terms. However, Musk’s insistence that his offer for Twitter is his “ best and latest offer » could be an obstacle in the negotiations, the sources said.
Twitter could soon belong to Elon Musk
Elon Musk, already CEO of SpaceX or even Tesla, has met with Twitter shareholders in recent days, in order toget their support for his offer. He said Twitter needed to be privatized to grow into a true free speech platform. Many Twitter shareholders have reportedly contacted the company after Musk presented his detailed financing plan for his offer and urged him not to pass up the opportunity for a deal, which therefore forces the hand of the board of directors, which must make decisions going in the direction of its shareholders.
Musk has publicly raised questions about the future of Twitter, repeatedly polling his 81 million followers on the changes that could be made to the company. He had notably proposed to transform the headquarters of Twitter into a refuge for the homeless, to introduce an edit button after the publication of a tweet or to remove the letter “m” from Twitter.
Source : NYT
