25 Apr 2022

Twitter_Elon_Bid image
Posted by Tech Vani

Twitter’s Board is Serious about Musk’s Bid of $43B to Buy the Platform


After Elon Musk revealed his bid to takeover Twitter earlier this week, The board of directors applied a “Poison Pill” strategy to defend against the potential hostile buyout. 


The US regulator disclosed the financing details on Thursday about Tesla's CEO offer. That made social media's 11 board members seriously consider the deal, according to several US news agencies. 


The funding will be the mixture of Elon's own assets as well other wall street banking firms like Morgan Stanley. 


Earlier in the month, Musk bought a large chunk of shares of the platform and became the largest shareholder with 9.2% stock but was soon overtaken by Vanguard Group.


Musk has offered a total $46.5 billion financial package to bid the takeover to the microblogging platform as per the latest report. Elon has urged the shareholders of the social media company to not miss the opportunity as he is ready to buy the platform at a premium share price than the normal stock price before he bought 9.2% of the stocks.