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Maybe someone who is an expert can comment on this. It seems the board tried to block it at first.

https://www.pbs.org/newshour/economy/twitter-board-of-direct...

Also -

"A Saudi prince who is among Twitter’s major shareholders scoffed at Musk’s offer in a Thursday tweet. Al Waleed bin Talal said he would reject Musk’s overtures because he didn’t believe $43 billion “comes close to the intrinsic value of Twitter, given its growth prospects."



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