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The board is also considering getting bids from other companies that might want to buy Twitter, another common move among takeover targets, one of the people familiar with the plans said. It’s unclear whether Twitter has approached anyone yet.

Wedbush Securities analyst Dan Ives said a deal could require Mr Musk to obtain between $15 and $20 billion in debt financing. Although Mr. Musk is the richest man in the world, most of his worth is tied to Tesla shares.

Twitter may question Mr Musk’s ability to fund the deal or claim that it undermines the company’s value. The offer is a 54 percent premium over the stock price the day before you start investing in the company in late January. But Twitter’s shares traded higher than Mr. Musk’s bid for most of last year.

When Mr. Musk He announced his share on TwitterSeveral board members greeted him, including Twitter co-founder Jack Dorsey. Twitter gave Mr. Musk a armchair in own board roomA move that executives hoped would keep him from publicly criticizing the company. But welcome quick sour. Mr. Musk turned down his board seat.

On Wednesday, Mr. Musk was ready to announce his next move. In a message to Twitter’s chairman, Bret Taylor, Musk said, “I believe in the potential of this to be a worldwide platform for free speech, and I believe freedom of speech is a societal imperative for a functioning democracy.” According to a filing with the Securities and Exchange Commission, which was later made public. “Twitter needs to be transformed as a private company.”

Mr. Taylor, CEO of Salesforce, has served on Twitter’s board of directors since 2016, when Salesforce considered acquiring Twitter. Mr. Taylor joined Salesforce a year after purchasing his own company, Quip.

Another key board member is Egon Durban, co-chairman of Silver Lake, a private investment firm. Mr. Durban joined Twitter’s board of directors in 2020 as part of a deal with the company. hit with another activist investor, Elliot Management, who want to undermine the leadership. Mr. Dorsey is friends with Mr. Musk, but he Set to leave Twitter clipboard next month.