Twitter may be moving closer to a deal with Elon Musk. From The New York Times.
The board of the social media service met Sunday morning to discuss Musk’s unsolicited $46.5 billion bid to buy the company, after he began lining up financing for his offer last week, two people with knowledge of the situation said. The financing was a turning point for how Twitter’s board viewed Musk’s bid of $54.20 a share, enabling the company’s 11 board members to seriously consider his offer, the people said.
A Twitter spokesperson declined to comment. In previous public statements, the company had said its board was “continuing to conduct a careful, comprehensive and deliberate review to determine the course of action in the best interest of the company and all Twitter stockholders.” Several analysts have said they expected Twitter’s board to only accept a bid that valued it at a minimum of $60 a share. Twitter’s stock rose above $70 a share last year when the company announced goals to double its revenue, but it has since fallen to around $48 as investors have questioned its ability to meet those targets.
Even so, Musk maintains amicable ties with some high-ranking members of Twitter. Over the weekend, Musk traded friendly tweets with Jack Dorsey, company co-founder and a board member. Dorsey stepped down as Twitter’s CEO in November and soon will be leaving its board.
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