Twitter still wants deal even as Musk dithers
- Hope King, author of Axios Closer
Illustration: Aïda Amer/Axios
Twitter's board is pushing Elon Musk's takeover forward, even as Musk continues to raise doubts about its fate.
Catch up quick: Twitter's board of directors unanimously recommends shareholders approve the $44 billion offer, according to a new regulatory filing.
- Meanwhile, in an interview with Bloomberg, Musk maintains that there are hurdles to overcome —including the number of fake accounts on the platform and securing debt financing.
The big picture: Twitter's stock, languishing below Musk's offer price of $54.20 per share, reflects investor skepticism. But there is some external support for Musk's vision of the platform.
What they're saying: “[I]n our business … your success really depends on your ability to innovate and serve your community with a product that they really love to use," Snap CEO Evan Spiegel told Axios’ Sara Fischer yesterday during an Axios event at Cannes.
- "From a product perspective, I'm really excited to see how it evolves. And if it does, I think it can be great for the business overall.”
What to watch: Twitter's board has set October 24 as the deadline for the deal to be consummated.