Twitter is considering Elon Musk’s buyout proposal, with discussions between the two camps ongoing on Sunday, reported The Wall Street Journal, after the billionaire said Thursday he had secured the necessary funding.
“Twitter is taking a fresh look at the offer and is more likely than before to seek to negotiate,” it reported, citing sources familiar with the matter.
Tesla CEO Musk said Thursday he had secured close to $46.5 billion to finance the transaction, but also that he planned to appeal directly the company’s shareholders as he looks to take over the social media platform.
The Twitter board of directors had been opposed to the proposal, lining up a “poison pill” clause that would make it harder for Musk to acquire more than 15% of the company via the market. He currently owns 9.2% of shares.
“The potential turnabout on Twitter’s part comes after Mr. Musk met privately Friday with several shareholders of the company,” reported the Journal.
He “pledged to solve the free-speech issues he sees as plaguing the platform and the country more broadly, whether his bid succeeds or not,” added the sources.