Elon Musk offers to buy Twitter: live news, feedback and updates

Twitter’s board met on Wednesday, according to a person familiar with the situation who was not authorized to speak publicly, hours later. Elon Musk show to buy the company.

Mr. Musk refused a seat on the board Over the weekend, board members who had welcomed him recently were left in their ranks to evaluate a proposal in which Mr. Musk said he did not trust their management of the company.

The Board of Directors consists of Twitter Insiders, including Jack Dorsey, co-founder, and CEO, Parag Agrawal, as well as the independent directors. They will face the decision to accept or decline Mr. Musk’s offer.

Brett Taylor, co-CEO of Business Technology Salesforce, chairs the board. Mr. Musk sent a text message to Mr. Taylor on Wednesday evening, stating that he intended to buy Twitter Famous, according to a regulatory filing. “After the past several days of thinking about this, I’ve decided I want to take over the company and take it private,” Mr. Musk wrote.

Salesforce considered buying Twitter in 2016, but the deal never materialized. Mr. Taylor, who has been on Twitter’s board of directors since 2016, joined Salesforce a year later after it acquired his own company, Quip. The experiences can give him personal insight into how Twitter evaluates past acquisition attempts.

Another key player on the board is Egon Durban, co-chair of Silver Lake, a private investment firm. Mr. Durban joined Twitter’s board of directors in 2020 as part of the company’s deal With another active investor Who wanted to change the management of Twitter.

At the time, Silver Lake invested in Twitter and helped stabilize its management, preventing the immediate ouster of Mr. Dorsey. Since Silver Lake has helped Twitter out of a difficult situation in the past, Mr. Durban may face questions about whether his company can double down and help fend off Mr. Musk.

Mr. Dorsey could also influence the decision. He is a friend of Mr. Musk and initially celebrated Mr. Musk’s investment in the company and his decision to join the Board of Directors. But Mr. Dorsey often delegated key decisions to his team, preferring to rely on their expertise. And Mr. Dorsey is also ready to leave the Twitter board Next month, which may give him another reason to step aside.

His allies on the board are Mr. Agrawal, who was named his successor late last year, and Patrick Beechette, general partner at venture capital firm Inovia Capital and former chief financial officer of Google.

Mr. Agrawal and Mr. Dorsey have been closely aligned with a vision of making Twitter technology more decentralized, and Mr. Pichette has been a close confidant of Mr. Dorsey in discussions about Twitter’s long-term plan. Mr. Beckett may also have had experience negotiating with Mr. Musk – he was at Google in 2013 I thought about buying a Tesla.