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Twitter tilting toward approving Elon Musk’s acquisition bid

2 Mins read

Days after Billionaire Elon Musk offered to buy Twitter, it is looking like the social media platform might actually be getting a new owner.

According to reports by The New York Times, Washington Post, and several other credible news sources, Twitter board members are seriously considering Musk’s offer to buy the company. The change in the board’s decision can be traced to Musk’s outline of his plans to raise the required funds to facilitate the purchase.

Although, Twitter has declined to speak on the report, Wall Street Journal said a final decision could be made as soon as Monday.

An insider close to the deal confirmed to CNN that Twitter board called a meeting on Sunday to discuss, and evaluate Musk’s offer of $43 billion for the company. Musk has offered to buy all the shares in the company that doesn’t already belong to him for $54.20 per share, driving the seriousness of the purchase to a new level.

In a tweet sent earlier today, Elon Musk hint at a likely finalization of the deal when he said:

“I hope that even my worst critics remain on Twitter, because that is what free speech means.”

Journey to this point began about a month ago, when Elon Musk purchased more than 9% of Twitter, jumped to become the highest shareholder in the micro-blogging platform, and started advocating for changes in the way Twitter operates.

In his offer letter to Twitter, Musk listed his reasons for investing in Twitter, as well as his vision for improving the process of the company.

I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

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Since then, there has been a back and forth, with Twitter board inviting him to join the board, and refusal. Twitter board also activated the “poison pill” protocol to prevent what they suspected could be a hostile takeover.

Twitter sales rose on Monday by nearly 5%, following the news of possible acquisition by Elon Musk. If Musk pulls off the acquisition, it would mean that one of the world’s most influential platforms in the hands of the world’s wealthiest man.

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