As Twitter’s board mulls over how to proceed with Musk’s bid, several analysts and investment firms discuss the decision-making process.
n most cases, news that a company could be bought out at a price higher than its market value sends investors into a buying frenzy that rackets up the company’s share price. But that wasn’t exactly the case for Twitter on Thursday.
As Twitter’s board mulls over how to proceed, TIME reached out to several analysts and investment firms about the decision-making process. Most agreed that Musk’s offer of $54.20 a share was too low considering the company’s closing price was $73.34 just a year ago. An offer closer to $60 a share would be more likely to entertain the board.
And it could very well be a joke, analysts told TIME, smoking out a hidden pot message in his bid of $54.20 a share . It’s unclear why Musk chose that specific number as his offer, but it wouldn’t be the first time he’s made cannabis references. He smoked a joint during a 2018 taping of Joe Rogan’s podcast, and has tweeted that he may take Tesla private at $420 a share.
Microsoft, for instance, acquired the professional networking platform LinkedIn for $26.2 billion in 2016–the same year Salesforce CEO Marc Benioff considered offering as much as $20 billion to acquire Twitter. Benioff, who owns TIME, abandoned the move after pushback from investors. Still, the technology industry is ripe with acquisitions and mergers, which is why many think it’s possible—even likely—that another suitor steps in and bids on Twitter.
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