There's Been a Big Shift in the Elon Musk- Twitter Talks

Now the social media company is said to be seriously considering his bid
By Evann Gastaldo,  Newser Staff
Posted Apr 25, 2022 12:02 AM CDT
There's Been a Big Shift in the Elon Musk- Twitter Talks
Tesla and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin on Dec. 1, 2020.   (Hannibal Hanschke/Pool Photo via AP, File)

(Newser) – Sources say Twitter's board is seriously considering Elon Musk's bid to purchase the social media company. Sources spoke to both the New York Times and the Wall Street Journal, and said the "turning point" came when Musk revealed he had $46.5 billion in financing to cover the $43 billion unsolicited bid. Prior to that disclosure, Twitter was expected to turn the offer down, and had put a "poison pill" in place to keep Musk from increasing his stake. Now, however, the board met Sunday morning among themselves and later Sunday with people on Musk's side to discuss what to do.

The Times calls the board's willingness to engage with Musk "a step forward," and the Journal calls it "a dramatic turn of events." Even so, there's a long way to go before anything close to certainty can be reached, and Twitter is not commenting on the latest news. Musk has told the company this is his best offer and he won't go higher, and as CNN notes, "one big unknown" is, "What is the Twitter board's estimation of the company's value? Is it in the same ballpark as Musk?" Among the topics discussed at Sunday's meetings, sources say, are what fees would be paid if an agreement was reached and then fell apart before being finalized. (Read more Elon Musk stories.)

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