NEW: Twitter Reportedly Reconsidering Musk’s Offer

Twitter is reportedly reconsidering Elon Musk’s offer to purchase the platform for $43 billion.

The Wall Street JournalReports indicate that Musk’s $46.5 billion financing may have made the platform more open to potential deals.

The JournalMusk was also present at the meeting to discuss Twitter’s alleged attempt to establish its worth.

“The potential turnabout on Twitter’s part comes after Mr. Musk met privately Friday with several shareholders of the company to extol the virtues of his proposal while repeating that the board has a “yes-or-no” decision to make, according to people familiar with the matter. He also pledged to solve the free-speech issues he sees as plaguing the platform and the country more broadly, whether his bid succeeds or not, they said.”

Jeff Gramm of Bandera Partners LLC is a portfolio manger and a shareholder in Twitter.

“​​I’m not sure what that can be at this stage besides finding a higher bid,” he said.

Lauri Brunner, manager of Thrivent Asset Management LLC’s large-cap growth fund, said Musk’s track record of success could benefit the company. “He has an established track record at Tesla,” she said. “He is the catalyst to deliver strong operating performance at Twitter.” Thrivent has about a 0.4% stake in Twitter and is a Tesla shareholder as well.

Musk said Twitter’s board would not be paid if he purchased the platform. “Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” he tweeted. He said that Twitter was the exact opposite of Facebook, if he purchased it.

According to him, media ownership is Mark Zuckerberg’s ownership of Facebook, Instagram, and WhatsApp. With a new share ownership structure Mark Zuckerberg, the 14th controlling these entities, will be Mark Zuckerberg. Musk agreed. Musk added, “We won’t have that at Twitter.” 

NewsBusters reported that Musk said that his offer was “not a way to make money” but was instead about restoring freedom of speech. He noted that while he doesn’t claim to have the answer, he believes that it is important to avoid deleting things. Permanent bans should be avoided. My opinion is that timeouts work better than permanent bans.

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