The Wall Street Journal is reporting that Twitter board members are rethinking Elon Musk’s bid to buy the social media platform. The deal may be finalized as soon as this week, though there is no guarantee.
The Elon Musk-Twitter drama is heating up as the social media platform’s board of directors is reportedly reevaluating Musk’s takeover bid. The Wall Street Journal reports that the deal may be finalized as soon as this week.
Musk has put $43 billion on the table for the takeover. The two parties reportedly discussed the details of the acquisition on April 24, and there has been some progress. Sources said that there were still more issues to be resolved, but it looks like the deal is moving forward.
However, there is also no guarantee that there will be a deal. Musk is not the only person who wants to buy out Twitter, as recent weeks have shown that multiple parties were interested in acquiring the social media platform. Musk has said that he would make the salaries of the board of directors $0 if and when the deal goes through it.
There has been much discussion and criticism about the deal. Musk has said that his motivation for buying the platform is to enable free speech, but many are worried that it could inflame an already contentious platform.
Some fear that Musk’s buyout would spark a wave of resignations within the company. As a platform that serves as a quick mouthpiece to the public for politicians and other figures of importance, this could have an enormous impact.
Twitter stock one to watch
Twitter’s stock has naturally been affected greatly by the news. It was pushed high following Musk’s announcement but has been declining since. Overall, the share has been going up year to date, though the start of 2022 was something of a low point for it.
A lot of the stock rise has to do with Musk’s purchase, which had pushed the price to $48 and remains around this price. The stock continues to decline, which adds to the pressure on the board members, who will want to appease shareholder pressure.
Should the deal go through, Twitter’s stock price is likely to go up. It would be a colossal change for the platform and would shake the political, economic, and technological worlds.
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Source: https://beincrypto.com/twitter-rethinking-musk-buyout-deal-done-later-week/