Elon Musk’s Twitter Takeover: Board Considers $46B Bid Amid From Shareholders

• Twitter’s board began negotiations with Elon Musk on Sunday over the sale of the social media company.

• This comes after the Tesla CEO wooed shareholders of the company with a revised $46.5 billion offer on Thursday.

• Elon Musk’s Twitter takeover bid comes after the billionaire promised to take the platform private and make it suitable for free speech.

The Twitter board of directors gathered for a dialogue on Sunday over Elon Musk’s takeover offer. According to CNN, a person familiar with the matter has confirmed that the billionaire’s acquisition bid is being seriously considered.

The report says that the board negotiated with the Tesla CEO up until the early hours of Monday. This follows an announcement from the billionaire that he had lined up an improved $46.5 billion offer for the social media giant. The two parties discussed details such as a timeline to close the deal and fees that would be involved if an agreement is signed.

Read also: Elon Musk and Bill Gates Fight Over Tesla Stocks

Although an agreement for Elon Musk’s Twitter takeover is still far apart, the idea that once seemed improbable is looking more realistic. The billionaire had initially tried to force a hostile takeover with an offer of $43 billion two weeks ago. When that failed, he came back with a more tender $46.5 billion offer. The new bid is being financed by Morgan Stanley and a group of other lenders.

Elon Musk’s Twitter takeover has been in the works for some time now. The Tesla boss, who is the world’s richest man, began amassing shares in the social media company earlier this year. After purchasing 9.2% of the company’s shares, he was offered a seat on the board but turned it down at the last minute. At the moment, he remains the largest individual shareholder in the social media company.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news and entertainment gist.