Elon Musk and Twitter Are Rumored to Be Close to a Deal!
Elon Musk may end up being the owner of a newly-private Twitter after all, despite how implausible it appeared at the time. According to both The Washington Post and The New York Times,
Twitter’s board of directors is seriously considering Musk’s offer to buy the company, with the corporate governing body’s attitude toward the offer changing following Musk’s outlining of his plan to raise the funds needed to make good on his $46.5 billion offer.
Twitter’s board of directors met on Sunday to discuss Musk’s offer, and the New York Times reports that they then met with Musk early Monday morning to work out additional details, such as the timeline for closing and what, if any, financial protections Twitter would have if the deal went bad after the announcement.
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Both sources emphasise that the agreement is still in the works and could fall apart at any time, but given where we started, it’s incredible that we’ve gotten this far.
Critics initially saw Musk’s bid as significantly undervaluing the company, despite the fact that it represented a premium over the current, depressed Twitter stock price, and the board even instituted a “poison pill” policy to prevent Musk from acquiring a much larger ownership stake in the company.