Twitter Board Meets Elon Musk Over Takeover Bid; Shareholder Pressure to Tilt Deal in Billionaire's Favor

After officially rejecting Elon Musk's offer, Twitter is reportedly considering the possibility of the Tesla founder acquiring it. Musk had offered $43 billion to the company some 10 days ago but the offer was rejected. However, the Twitter board met Musk over the weekend to discuss the potential of the takeover, according to reports.

According to a report by The Wall Street Journal, the two sides met on Sunday to discuss Musk's bid for the company. There is no guarantee that they will close a deal, but they seem to be making some progress.

On April 14, the SpaceX chief made the offer to Twitter without specifying how he would pay for it, but the social media company rejected the offer, putting in place a so-called 'poison pill' to prevent him from raising his stake at the company.

Twitter has changed its stance and initiated negotiations after the Tesla CEO revealed that he has $46.5 billion, as claimed by The Wall Street Journal's Sunday report.

Twitter Elon Musk
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Musk, who has 83.3 million Twitter followers, started buying shares in the company this year and announced his intent to own the company solely and take it private. The Tesla chief currently owns a 9.2 percent stake in the popular social media company and has also become the largest shareholder of the micro-blogging platform as revealed through a recent filing at the Securities and Exchange Commission.

As per the filing, the Space X boss owns a whopping 73.5 million Twitter shares, whose value goes up to $2.9 billion based on the stock's closing price on Friday.

"If our twitter bid succeeds, we will defeat the spam bots or die trying!" Moreover, the SpaceX chief had earlier said that he wanted people to be able to speak more freely on the micro-blogging site, Musk recently tweeted.

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