Twitter is finally negotiating a takeover deal with Elon Musk after luring several shareholders with a bid to buy the social media company for $43 billion.
Sources familiar with the matter revealed that talks on the deal began on Sunday. However, Twitter’s decision to work with Musk doesn’t mean it’s willing to accept his offer of $54.20 per share. The move only means that the social media giant is merely assessing whether it is possible to reach an agreement on acceptable terms.
Tesla CEO Elon Musk has been meeting with Twitter shareholders over the past few days to seek support for his bid. He claims that Twitter must become a private company to enable true freedom of expression.
As a result, several Twitter shareholders contacted the company after Musk outlined his funding plans for the offering. Shareholders urged Twitter not to let this opportunity slip.
Musk continues to insist his offer is the “latest and best” and has become a stumbling block in the deal negotiations. Despite this, Twitter’s board of directors decided to work with Musk to gather more information and potentially secure better terms.
Twitter is also exploring possible regulatory hurdles it might face after a deal with Musk.