Elon Musk currently holds 9.2 percent of Twitter’s shares. (file)
Washington:
With discussions between the two camps going on on Sunday, Twitter is reconsidering Elon Musk’s buyout offer, The Wall Street Journal reported, after the billionaire said Thursday that he had secured the funding he needed.
“Twitter is taking a fresh look at the proposal and is more likely than ever to be up for talks,” citing sources familiar with the matter.
Tesla CEO Musk said on Thursday that he had secured close to $46.5 billion to finance the transaction, but also that he plans to appeal directly to the company’s shareholders as he seeks to take over the social media platform. .
Twitter’s board of directors opposed the proposal, which included a “poison pill” clause that would make it harder for Musk to acquire more than 15 percent of the company via market. He currently holds 9.2 percent of the shares.
“The possible change from Twitter comes after Mr. Musk met privately on Friday with a number of company shareholders,” the Journal reported.
According to the Journal, sources said, Musk “pledged to address the issues of free-speech, which he sees as the platform and the country more broadly, whether his bid is successful or not.”
Musk has previously cited concerns over freedom of speech as a motivation for buying the platform, though free-speech experts have pointed to Musk’s unpredictable statements and history of bullying critics contrary to his stated objectives.
“He made his pitch to select shareholders in a series of video calls with a focus on actively managed funds … hoping they could influence the company’s decision,” sources told the Journal.
The polarizing billionaire said last week he was considering bypassing Twitter’s board of directors in his takeover bid by buying shares directly from existing shareholders, “but has not determined whether to do so at this time,” on Thursday. According to a securities filing issued.
The Journal said Twitter could make an announcement on the matter by Thursday or earlier, according to these sources.
Musk recently told Twitter chairman Brett Taylor that his original offer of $54.20 per share as of April 14 has not changed, the daily added.
Twitter had previously invited Musk to join its board of directors, but the SpaceX chief declined.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)