Sources close to the deal have said that Twitter's board is facing pressure from shareholders to reconsider Elon Musk's deal. Tesla and SpaceX CEO Elon Musk offered to purchase Twitter at $46.5 billion, and reports indicate that Twitter and Musk were scheduled to meet on Sunday to discuss the offer. However, if many shareholders back Musk in a tender offer and accept his bid for the company, Twitter's negotiating power would take a hit as the board would be going against many of its shareholders. Even with its defensive "poison pill" and a portion of its shareholders backing it, Twitter may not hold enough negotiating power. The Guardian has reported that Musk is currently "in takeover talks" with Twitter and that the Tesla CEO's "best and final bid" will remain at $54.20 a share, with funding already secured.

Source: The Guardian April 25, 2022 20:06 UTC