Tech

Twitter is taking another look at Musk takeover bid, source says

Key Points
  • Twitter's board met Sunday to discuss Elon Musk's takeover bid after the billionaire disclosed he has secured $46.5 billion in financing, a source close to the situation told CNBC.
  • The person said the board is looking for other offers and the company could provide an update by the time it reports its latest financial results Thursday, if not before.

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Entrepreneur and business magnate Elon Musk gestures during a visit at the Tesla Gigafactory plant under construction, on August 13, 2021 in Gruenheide near Berlin, eastern Germany.
Patrick Pleul | AFP | Getty Images

Twitter could be becoming more receptive to a takeover bid from Elon Musk after the billionaire disclosed he has secured $46.5 billion in financing.

The social media company had been expected to shoot down the offer and had adopted a so-called poison pill to fend off a potential hostile takeover.

Twitter's board met Sunday to discuss Musk's financing plan for his proposed bid, a source close to the situation told CNBC. The person said the board is looking for other offers and the company could provide an update by the time it reports its latest financial results Thursday, if not before.

Earlier, The Wall Street Journal reported Twitter executives are re-examining the bid and are more likely than before to try and negotiate. The situation is fast-moving, but the two sides are meeting on Sunday to discuss Musk's $43 billion proposal, the Journal reported.

A Twitter spokesperson declined to comment on the report.

The newspaper reported the social media giant is still working on estimating its own value. Executives could also insist on guarantees, such as Musk covering breakup protections if the deal fell through, the Journal said.

Musk has reportedly said he will not sway from his initial offer.

— CNBC's Julia Boorstin contributed to this report.