Is Today The Day?
Boomberg is reporting Twitter may accept Elon Musk's offer as early as today.
Bloomberg says Twitter could accept Elon Musk’s offer to buy Twitter (TWTR) as soon as today. First off all, I’ll believe it when I see it. But it’s an incredibly interesting development given that Twitter’s board opted to go poison bill just a couple weeks ago. From today’s Bloomberg report:
Twitter started warming up to a potential deal after the billionaire Tesla Inc. founder revealed a financing plan for the unsolicited bid that included backing from Morgan Stanley and other institutions. The situation is fluid, and talks could drag on longer or fall apart, the people said.
The echo-chamber that Twitter has become is not too happy about it either. “RIP Twitter’ is literally trending on Twitter. I’m not going to lie, I’m a bit surprised Twitter has flip flopped on the willingness to accept Musk’s offer. But the optics of not accepting a bid at such a massive premium to market value would have been brutal. Going through with the poison pill to stop a hostile takeover attempt would have been even worse.
Last week, Twitter’s founder and former CEO Jack Dorsey left little doubt about where the company’s problem has been, saying in response to a Twitter user’s comment about Twitter board plots and coups:
it’s consistently been the dysfunction of the company
Tyler Winklevoss had a very interesting tweet elaborating on Jack’s point and opining on the insanity of a poison pill strategy being enacted by people who won’t be impacted by the strategy’s consequences:
It seems as though Twitter’s board is now listening to reason.
Live look at twitter.com/faybomb:
Kidding… Mostly. I’m still just watching… for now. I also have no TWTR position.
UPDATE 3:10pm: The answer to the headline is “yes.”