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Twitter is taking another look at Elon Musk’s proposal

Hassan Maishera

Twitter was previously expected to reject Elon Musk’s bid to acquire the company.

Sources close to the matter have revealed that social media giant Twitter is currently taking another look at Elon Musk’s takeover bid. The world’s wealthiest person announced that he had secured $46.5 billion in funding to acquire Twitter.

Twitter was expected to reject Elon Musk’s proposal to acquire the company and take it private. However, sources close to the matter have revealed that Twitter’s board is under pressure from its shareholders to accept Musk’s bid.

The company’s board met on Sunday to discuss Musk’s bid, a source close to the matter told The Wall Street Journal. However, the board is also looking at other offers and is expected to provide an update to shareholders by the time it reports its quarterly earnings result on Thursday. 

According to the publication, the board is re-examining the bid and is expected to try and negotiate with Musk. The two sides are expected to meet soon regarding the proposed takeover bid. 

The Wall Street Journal said Twitter is still working on estimating its own value. Furthermore, the sources added that Twitter executives are keen to include guarantees in the deal, which could see Musk cover breakup protections in case the deal fell through.

Tesla and SpaceX CEO Elon Musk submitted a bid of $43 billion to acquire the social media giant earlier this week. Musk is currently the single largest shareholder in Twitter and has suggested he could dump his shares if the board rejected his offers.

The world’s wealthiest person revealed his 9% control of Twitter earlier this month and submitted a bid to acquire the company a few days later. The bid came after he declined to join Twitter’s board, which could have limited his takeover bid.

Musk said to take Twitter private if he acquires the social media company. According to Musk, the social media company is not living up to its potential, adding that there is so much more for Twitter to offer.