Twitter reportedly takes a new look at Musk’s takeover bid

Entrepreneur and business magnate Elon Musk gestures during a visit to the Tesla Gigafactory factory under construction on August 13, 2021 in Gruenheide near Berlin in eastern Germany.

Patrick Pleul | AFP | Getty Images

Twitter may be becoming more receptive to a takeover bid from Elon Musk after the billionaire revealed he has secured $ 46.5 billion in funding, The Wall Street Journal reported Sunday.

The social media company was expected to shoot down the offer and had adopted a so-called poison pill to ward off a potential hostile takeover.

But leaders are now reconsidering the bid and are more likely than before to try to negotiate, the newspaper said, quoting people familiar with the matter. The situation is in rapid motion, but the two sides meet on Sunday to discuss Musk’s $ 43 billion proposal, the Journal reported.

Twitter did not immediately respond to CNBC’s request for comment on the report.

The social media giant is reportedly still working on assessing its own value. Leaders could also insist on guarantees, such as Musk covering break protection, if the deal fell through, the newspaper said.

Twitter is set to report its latest financial results on Thursday and had been widely expected to weigh in on the bid at the time. Leaders could also discuss the deal earlier in the week, sources said.

Twitter could indicate that it is open to other bidders or dealers with Musk on certain terms, according to the report. Musk has reportedly said he will not deviate from his original offer.

Read the full report from the Wall Street Journal.

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