Twitter’s board is being pressured by shareholders to accept Elon Musk’s bid.
Despite speculation that the Twitter board will outrightly dismiss Elon Musk’s Twitter bid, recent reports suggest that the firm is seriously considering selling a 100% stake of the microblogging platform to the Tesla CEO and founder.
According to a Wall Street Journal (WSJ) report today, the Twitter board has opened talks with itself and is considering the pros and cons of selling the microblogging platform to Musk.
The report noted that the board started considering the deal after the Tesla boss wooed shareholders of the company last week, with financing details of his $43 billion bid.
Following his explanation of the financing details of his bid to shareholders, calls have been made to the company’s board, as it has been urged not to let the opportunity slip.
The WSJ noted in its report that the board is seriously considering Musk’s offer and could give its response before the end of this week.
No Decision Has Been Taken
It is worth noting that the fact that the Twitter board has opened talks with its members about the bid does not imply that the microblogging platform will be sold to Musk.
The company is only analyzing whether it would sell the company to Musk based on the $43 billion bid made by the Tesla exec.
Recall that during the announcement of Musk’s Twitter bid, the Tesla CEO proposed an offer of $54.20 per share bid as his best and final offer.
Musk’s insistence that he is willing to pay a $54.20 per share bid is one of the hurdles in the deal negotiation, as the board would most likely want the Tesla boss to increase his offer.
Aside from considering Musk’s bid, the board is also considering whether Musk is under any investigation that could potentially put the deal at risk.
Cardano Boss Reacts
Meanwhile, moments after reports emerged that the Twitter board is considering Musk’s offer, Charles Hoskinson, the CEO of Input-Output Global (IOG), the firm in charge of conducting research and development for Cardano (ADA), reacted to the news.
Hoskinson, who earlier suggested that he would like to collaborate with Musk to develop a decentralized social media platform, shared a gif on Twitter, indicating that he is enjoying the moment and truly comfortable about the development.
— Charles Hoskinson (@IOHK_Charles) April 25, 2022
One of the reasons Musk is poised to buy Twitter is to promote free speech on the platform and also eliminate spam bots that have been adopted by malefactors to scam cryptocurrency investors.
Musk disclosed recently that once his bid is accepted, he will wage a war against Twitter bots and their creators, thus making the platform safe for everyone, including cryptocurrency investors.
Hoskinson believes an approval of the bid would be a win for the cryptocurrency industry, as the cases of crypto scams will be mitigated, which will help put the industry in global regulators’ good books.