The social media giant, Twitter has been for years a platform to stage one’s opinions. It has been a public platform since its inception. However, Elon Musk, the most affluent man in the world, has recently left the world shaken. He bid to buy Twitter for an unsolicited amount of $46.5 billion.
The Tesla owner aims to make the platform private for a liberal environment on the application for people to express their opinion. Looking at it, the board of directors of Twitter, on Sunday, met with the entrepreneur to discuss the future steps.
Elon Musk On The Path To Acquire The Platform Unless A Second Bidder Enters
The board of directors of Twitter congregated with Elon Musk on Sunday Morning to discuss the bid which can be a warm-up for a potential negotiation between them. A source confirmed the meeting after the Wall Street Journal article. The source said that there are positive signs in the company’s receptiveness to the deal.
The New York Times published another article after the Journal published one. The article hinted that “Twitter’s board planned to meet with Mr. Musk’s side later on Sunday to discuss other contours around a potential deal.”
Dan Ives, an analyst with Wedbush Securities, said that several investors will look at the discussions “as the beginning of the end for Twitter as a public company, with Musk likely now on a path to acquire the company unless a second bidder comes into the mix”.
He continued, “A hostile takeover attempt by Mr. Musk, who is the world’s richest person, would put further pressure on the board with their backs against the wall in this Game of Thrones battle for Twitter.”
The bidding amount is ridiculously high, and Musk will finance it with his assets as well as with the backing of Morgan Stanley, a banking mogul on Wall Street, and others. The Company was deterring this hostile takeover with a “poison pill”, which will limit a stakeholder’s buying power.
The Company released a statement at night stating, “As previously announced, the Board is continuing to conduct a careful, comprehensive and deliberate review to determine the course of action in the best interest of the Company and all Twitter stockholders.”
