The social media platform's perspective is still that for Twitter to sign off on a deal to be owned by Tesla CEO Elon Musk.
Yes, Twitter is a platform that has never been more relevant, and that's why Salesforce co-CEO and Twitter Chairman Bret Taylor said on Yahoo Finance Presents when asked if the deal will close. It's a privilege to be part of such an important platform. In a SEC filing recently, Twitter advised its shareholders to approve Musk's $44 billion deal. There isn't a date for the shareholder vote. If the vote happens, it would cap off a wild ride through the deal making process for Twitter.
Musk has behaved in erratic fashion since revealing his stake in Twitter several months ago. The richest person in the world first disclosed himself as an active investor before pivoting to become a passive investor. He initially agreed to be on the board, but changed his mind on that front too.
After reaching a deal to buy Twitter for $44 billion or $54.20 a share on April 25, the CEO has shown signs that he's having second thoughts. He has pushed Twitter to reveal the number of fake accounts on the platform.
The shares of Twitter are close to $37 - well below Musk's offer price, on the fear that he will walk away from the transaction. Wall Street thinks that Twitter's stock could fall hard, if you do that.
In the absence of a bid, we would not be surprised to see the stock find a floor at $22.50, said Jefferies analyst Brent Thill, in a note to clients.
Taylor, who is credited with creating Facebook's Like' button, said it was a very unusual situation. I can't say much beyond what we send the proxy, but we're obviously committed to closing the transaction. You can follow Sozzi on Twitter and LinkedIn.