Several Twitter shareholders are negotiating an acquisition deal with Elon Musk after he enticed them with an offer to buy the social media company for $43 billion.
Sunday was the first day of talks, according to Reuters. While Twitter has decided to engage with Musk, it does not mean it’s willing to accept $54.20 per share. The move is nothing more than the social network giant exploring whether a deal is possible under acceptable terms.
During the past few days, Elon Musk has met with Twitter shareholders to seek support for his bid. In order to allow genuine free speech, Twitter must become a private company, he argues.
After Musk outlined his financing plan for the bid, several Twitter investors contacted the company. The shareholders encouraged Twitter to not let the opportunity pass them by.
Musk continues to insist that his offer is his “best and final” and it has emerged as a hurdle in the deal negotiations. Nonetheless, Twitter’s board has still decided to engage with Musk to gather more information and potentially get better terms.
Twitter is also looking into any potential regulatory hurdles it could face as a result of striking a deal with Musk.