Twitter said to be close to a deal with Elon Musk
As unlikely as it may have once seemed, reports indicate Elon Musk may actually end up the owner of a newly private Twitter after all. Both The Washington Post and The New York Times are reporting that Twitter's board is seriously considering Musk's offer to buy the company, with the corporate governing body's attitude toward the offer changing following Musk's outlining of his plan to source the funds to make real his $46.5 billion offer to buy the company.
Twitter's board met on Sunday to discuss Musk's offer, and the NYT reports that they then entered into negotiations with Musk early on Monday morning to hammer out additional details, including the timeline for close and what, if any, financial protections Twitter would enjoy were any potential deal to go south post-announcement.
Both reports stress that the deal is not yet final and could still fall apart, but given where we started it's kind of amazing that it has even gotten this far. Musk's bid was initially seen by critics as undervaluing the company significantly, despite it representing a premium on the current, depressed Twitter stock price, and the board even instituted a "poison pill" policy to try to block Musk from acquiring a much more significant ownership position in the company.
If you need to catch up on all the wild twists in this story so far, check out our recap. It sounds like either way, we'll have another installment to share at some point today.