Elon Musk says he already has funding for Twitter purchase 0:52
New York (CNN Business) --
Twitter's board of directors met Sunday for a dialogue on the Elon Musk takeover offer, a possible prelude to the next steps in negotiations with the Tesla chief executive.
A person familiar with the matter confirmed that a board meeting was held on Sunday and said discussions over Musk's offer have turned serious.
The source spoke after The Wall Street Journal broke the news that "the two sides are meeting," indicating that "the social media company may be more receptive to a deal."
Elon Musk believes that the Twitter algorithm should be made public.
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Musk claims he got funding to buy Twitter 0:48
"Twitter reassesses Musk offer, may be more open to negotiations," was the Journal's main headline for much of Sunday afternoon and evening, prompting fresh speculation about Twitter's future.
The New York Times broke the story a few hours after The Wall Street Journal reported that Twitter's board initially met "on Sunday morning to discuss" Musk's offer, adding that "Twitter's board planned to meet with Mr. Musk's side later on Sunday to discuss other contours of a possible deal."
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None of the people involved have commented on the meetings.
But Musk's filing with the SEC last Thursday saying he has secured $46.5 billion in financing for the deal appears to be the driving factor.
The Wall Street Journal reporter Cara Lombardo wrote that "Twitter is reviewing the offer and will most likely seek to negotiate first," adding that "the situation is moving fast."
A big unknown: What is the estimation of the Twitter board of directors on the value of the company?
Is he in the same ballpark as Musk?
Can Elon Musk be prevented from taking control of Twitter?
Dan Ives of Wedbush Securities said on Sunday that "The [Wall] Street [Journal] will deliver this news today as the beginning of the end of Twitter as a public company with Musk now likely on track to acquire the company unless a second bidder among into the mix. The board could officially reject Musk's offer and then start hostile bidding."
Twitter, currently trading at about $49 a share, less than Musk's $54.20 a share offer, is due to report first-quarter earnings on Thursday afternoon.
The company will have to address Musk's offer by then, if not sooner.
On Sunday night, the company's only statement was as follows: "As previously announced, the Board continues to conduct a careful, comprehensive and deliberate review to determine the course of action in the best interest of the Company and all shareholders. from Twitter."
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