Elon Musk made a bid to buy Twitter this week that was answered by a company board decision to adopt a scheme instead to try and block the Tesla and SpaceX founder from being successful.
But apparently, the billionaire entrepreneur isn’t giving up.
The New York Post on Friday that Musk is considering bringing in some partners to help out:
A new plan that includes partners could be announced within days, those sources said.
One possibility, the sources said: teaming with private-equity firm Silver Lake Partners, which was planning to co-invest with him in 2018 when he was considering taking Tesla private.
Silver Lake’s Co-CEO Egon Durban is a Twitter board member and led Musk’s deal team during the 2018 failed effort to take Tesla private, sources said. Silver Lake declined to comment.
Whether Musk would present Twitter with an entirely new offer — perhaps raising his current bid — or whether new partners would simply go in on a purchase with him isn’t clear. A Musk spokesperson declined to comment.
Twitter’s board opted for a “poison pill” option earlier in the day on Friday following Musk’s offer to buy the company, which is a corporate scheme to prevent Musk from being able to buy more than 15 percent of the platform — he currently owns around 9.2 percent.
“But that pill may not stop other entities or people from acquiring their own shares of up to 15% of the company. Those owners could partner with Musk to force a sale, make changes in the executive ranks or push for other overhauls of the company,” The Post added.
Twitter has not yet filed its poison pill plans with the Securities and Exchange Commission, as required by law. When it does, that will lay out whether like-minded investors could team with Musk to buy a greater than 15 percent stake.
“This is not over,” a source close to the situation told the paper.