Washington: What once seemed like a farfetched idea might actually become true as reports suggest that Elon Musk might actually be buying Twitter eventually.
According to TechCrunch, multiple news outlets have reported that Twitter's board has actually considered Musk's funded offer over the weekend, with the corporate governing body's attitude towards the offer changing following Musk's outlining of his plan to source the funds to make real his USD 46.5 billion offer to buy the company.
After initially meeting up on Sunday, Twitter's board entered into negotiations with Musk on Monday morning in order to hammer out additional details. Though reports stress that the deal has not yet been finalised and can still fall out however it's kind of amazing that it's even gotten this far. The tech billionaire's bid was initially seen by critics as undervaluing the company significantly despite it representing a premium on the current Twitter stock price. Further, Twitter's board had even instituted a 'poison pill' policy to try to block Musk from acquiring a much more significant ownership position in the company, as per TechCrunch.
On April 4, 2022, Musk announced that he had purchased 9.1 per cent of Twitter which made him the largest shareholder of the social media platform and also sent the company's stock price soaring.
Twitter responded by offering him a board seat, a move that would have restricted him to owning just 15 per cent of the company. At first, he said yes but later changed his mind and said no.