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Twitter board is evaluating Elon Musk's bid

2022-04-25 20:08:25Biznes SHKRUAR NGA REDAKSIA VOX

Twitter board is evaluating Elon Musk's bid

The Twitter board reportedly met with Elon Musk over the weekend to explore his bid to buy the $43 billion social media platform.

After the Tesla boss initially unveiled his offer, the Twitter management announced a so-called "poison pill" strategy to avoid the possibility of Musk securing a majority stake.

Musk plans to fund his bid with the support of U.S. lender Morgan Stanley and other financial institutions.

A Twitter spokesman declined to comment on the reports.

Details of how Musk intended to fund his bid, which was disclosed to U.S. regulators on Thursday, prompted Twitter's 11-member board to seriously consider a possible deal, according to Reuters, the New York Times and Bloomberg - citing anonymous sources.

Musk, who owns more than a 9 percent stake in Twitter, has prepared a $46.5 billion funding package for his bid, according to a regulatory filing.

The financing will come from a mix of his holdings and the support of Wall Street banking giant Morgan Stanley and other firms.

A number of Twitter shareholders reportedly contacted the company after Musk announced the financing plan and urged it not to miss the possibility of a possible deal.


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