Twitter officials are expected to meet Sunday to re-examine Musk’s offer to buy the company, WSJ reported.
The company last week filed a shareholder rights plan or “poison pill” to prevent a hostile takeover by Musk.
The Tesla CEO confirmed $46.5 billion in financing from banks and other entities in a regulatory filing earlier this week.
Twitter is reportedly reconsidering Elon Musk’s bid to purchase the social platform, The Wall Street Journal reported.
Sources close to the matter told The Journal that Twitter officials are meeting on Sunday to re-examine Musk’s offer, and may be more receptive to negotiating with the billionaire after initially trying to thwart his purchase. Twitter last week fought back against the Tesla CEO using a shareholder rights plan, or “poison pill,” designed to avoid a hostile takeover.
A spokesperson for Twitter did not immediately respond to Insider’s request to comment on Sunday.
The change of pace comes after the billionaire Tesla CEO confirmed $46.5 billion in financing, proving in a regulatory filing earlier this week that he’s locked in funding agreements from banks and other entities.
It also comes after Musk met with shareholders in a private meeting on Friday to continue to make his pitch for the bid and urge the importance of the board making a decision, WSJ reported.
The Journal’s sources said that Twitter intends to address the bid on its first-quarter earnings call on Thursday at the latest.
Musk and Twitter have been in a cat-and-mouse battle for control since the Tesla CEO walked back his appointment to the company’s board of directors earlier this month, after announcing he had acquired a 9% stake in the social platform. A few days later, Musk made a bid to buy Twitter outright for $54.20 a share, or $43 billion.
To prevent a takeover, Twitter filed for a shareholder rights plan — also called a “poison pill,” which in effect dilutes a buyer’s stake by flooding the market with discounted shares. Experts have since predicted Musk may opt to pursue a hostile takeover using a tender offer to shareholders.
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