Musk had secured $46.5 billion to acquire Twitter, according to a new Securities and Exchange Commission filing that was revealed on Thursday. Musk previously presented an offer to purchase all of Twitter for $43 billion – which he declared to be his "best and final" offer.
Billionaire Saudi Prince Alwaleed bin Talal Al Saud – who is one of Twitter's largest shareholders – publicly rejected the offer. Musk questioned if Saudi Arabia was involved in the ownership of Twitter.
Liberals suffered embarrassing meltdowns at the mere thought of Musk owning the social media platform.
Twitter's board of directors developed a "poison pill" defense to prevent Musk from taking over the company, and to thwart a hostile takeover.
In a press release, the social media platform said it had adopted the plan "following an unsolicited, non-binding proposal to acquire Twitter."
However, Twitter is "re-examining" Musk's offer to take over the micro-blogging platform, according to a Wall Street Journal report published on Sunday afternoon.
Musk and Twitter are reportedly meeting on Sunday to discuss the proposition. The report noted that Twitter "may be receptive to a deal" by the Tesla CEO's proposal to purchase the company.
The WSJ report noted that Twitter is expected to discuss Musk's offer when the social media platform presents its first-quarter earnings on Thursday.
CNBC reported, "The social media giant is reportedly still working on estimating its own value. Executives could also insist on guarantees, such as Musk covering breakup protections if the deal fell through, the paper said."
Bloomberg reported, "Sentiment within Twitter may be changing after Musk met privately with several shareholders Friday to pitch his proposal, the WSJ said. Musk made his pitch to select shareholders in a number of video calls, with a focus on actively managed funds, according to the report."
"I wouldn't be surprised to wake up next week and see Musk raise what he called his best and final offer to possibly $64.20 per share," one of the fund managers who is invested in Twitter said told Reuters on a condition of anonymity. "He could also drop the whole thing entirely. Anything is possible."
Twitter shares closed at $48.93 on Friday, a significant discount to Musk's $54.20-a-share offer.