NATIONAL NEWS

Twitter board members meet as discussions about Elon Musk’s takeover bid turn more serious

Apr 24, 2022, 8:30 PM | Updated: Jun 13, 2022, 3:33 pm
(Photo by Bethany Clarke/Getty Images)...
(Photo by Bethany Clarke/Getty Images)
(Photo by Bethany Clarke/Getty Images)

(CNN) — The Twitter board of directors convened on Sunday for a dialogue about Elon Musk’s takeover offer — a potential prelude to negotiations with the Tesla CEO about next steps.

A person familiar with the matter confirmed a board meeting took place on Sunday and said that discussions about Musk’s bid have turned serious.

The source spoke after the Wall Street Journal broke the news that the “two sides are meeting,” signaling that “the social-media company could be more receptive to a deal.”

“Twitter reassesses Musk bid, may be more open to deal” was the Journal’s lead headline for much of Sunday afternoon and evening, prompting newfound speculation about Twitter’s future.

The New York Times advanced the story a few hours after the Journal by reporting that the Twitter board initially met “on Sunday morning to discuss” Musk’s bid, adding that “Twitter’s board planned to meet with Mr. Musk’s side later on Sunday to discuss other contours around a potential deal.”

None of the people involved have commented on the meetings. But Musk’s filing with the SEC last Thursday, saying he has lined up $46.5 billion in financing for the deal, seems to be the driving factor.

Wall Street Journal reporter Cara Lombardo wrote that “Twitter is taking a fresh look at the offer and is more likely than before to seek to negotiate,” adding that “the situation is fast-moving.”

One big unknown: What is the Twitter board’s estimation of the company’s value? Is it in the same ballpark as Musk?

Dan Ives of Wedbush Securities said Sunday that “the Street will read this news today as the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix. The Board could officially reject Musk’s bid and then a hostile tender off will begin.”

Twitter — currently trading around $49 a share, lower than Musk’s $54.20 a share offer — is due to report first quarter earnings on Thursday afternoon. The company will have to address Musk’s offer by then, if not before.

On Sunday night the only statement from the company was as follows: “As previously announced, the Board is continuing to conduct a careful, comprehensive and deliberate review to determine the course of action in the best interest of the Company and all Twitter stockholders.”

The-CNN-Wire™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

KSL 5 TV Live

Top Stories

National News

A masked suspect is seen lighting a Molotov cocktail in front of Temple Ner Tamid in a still image ...
Celina Tebor, Isa Kaufman-Geballe and Zoe Sottile

Man throws Molotov cocktail at New Jersey synagogue in arson attempt, police say

A man threw a Molotov cocktail at a New Jersey synagogue in an arson attempt on Sunday morning, police and the synagogue said.
1 day ago
Annie Wersching, seen here in 2019, has passed away. (Willy Sanjuan/Invision/AP)...
Chuck Johnston and Alli Rosenbloom

Annie Wersching, ’24’ actress, passes away at 45

Actress Annie Wersching passed away of cancer early Sunday morning, her publicist, Craig Schneider told CNN. Wersching was 45 years old.
1 day ago
Authorities in Grants Pass, Oregon, are warning that suspect Benjamin Obadiah Foster, 36, may be tr...
Andy Rose and Nouran Salahieh

Oregon man suspected of kidnapping, beating a woman may be using dating apps to evade police

Oregon police are warning that a man suspected of kidnapping a woman and beating her unconscious may now be using dating apps to evade capture or find potential new victims.
1 day ago
WASHINGTON, DC - JANUARY 18: U.S. Surgeon General Vivek Murthy speaks during the United States Conf...
Allison Gordon and Pamela Brown

Surgeon General says 13 is ‘too early’ to join social media

US Surgeon General Vivek Murthy says he believes 13 is too young for children to be on social media platforms.
1 day ago
Saginaw Police K9 Cigan sits behind a table with evidence found inside a stolen car. (WNEM)...
Anna Kathman

Stolen vehicle, multiple drugs located by Michigan K9 officer

Saginaw Police said two suspects are behind bars after a stolen vehicle was located during a traffic stop by a K9 officer.
1 day ago
A 29-year old woman has been arrested after allegedly posing as a teenager and attending classes at...
Kiely Westhoff and Zoe Sottile, CNN

29-year-old woman posed as high school teen facing charges in New Jersey, police say

A 29-year-old New Jersey woman is facing charges over claims she used false government documents in a ploy to pose as a teenager at a high school, according to police.
1 day ago

Sponsored Articles

Fiber Optical cables connected to an optic ports and Network cables connected to ethernet ports...
Brian Huston, CE and Anthony Perkins, BICSI

Why Every Business Needs a Structured Cabling System

A structured cabling system benefits businesses by giving you faster processing speeds and making your network more efficient and reliable.
notebook with password notes highlighted...
PC Laptops

How to Create Strong Passwords You Can Actually Remember

Learn how you can create strong passwords that are actually easy to remember! In a short time you can create new ones in seconds.
house with for rent sign posted...
Chase Harrington, president and COO of Entrata

Top 5 Reasons You May Want to Consider Apartment Life Over Owning a Home

There are many benefits of renting that can be overshadowed by the allure of buying a home. Here are five reasons why renting might be right for you.
Festive kitchen in Christmas decorations. Christmas dining room....
Lighting Design

6 Holiday Decor Trends to Try in 2022

We've rounded out the top 6 holiday decor trends for 2022 so you can be ahead of the game before you start shopping. 
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to Choose What MBA Program is Right for You: Take this Quiz Before You Apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
Diverse Group of Energetic Professionals Team Meeting in Modern Office: Brainstorming IT Programmer...
Les Olson

Don’t Let a Ransomware Attack Get You Down | Protect Your Workplace Today with Cyber Insurance

Business owners and operators should be on guard to protect their workplace. Cyber insurance can protect you from online attacks.
Twitter board members meet as discussions about Elon Musk’s takeover bid turn more serious