- Representatives for Musk were reportedly engaged in private discussions with Twitter, per the NYT.
- The talks centered on the price of the platform, with Musk’s team reportedly seeking a reduction.
- They had asked for a 30% discount but Twitter rejected the request, per the NYT.
Elon Musk reportedly sought a lower price for Twitter before reviving his original bid of $44 billion.
The New York Times reported the news.
In recent weeks, representatives for Musk have reportedly been engaged in private discussions with Twitter about the price of the social-media platform, sources told the New York Times.
Musk’s team originally sought a 30% reduction in price, according to three anonymous people familiar with the talks. The discount would have valued the company at around $31 billion.
Twitter rejected the offer and the discussions moved to a 10% reduction in price, per the NYT. These talks were also unsuccessful, prompting Musk’s decision to revive his bid of $54.20 a share, which he originally made in April, per the NYT.
Representatives for Elon Musk did not immediately respond to Insider’s request for comment made outside of normal working hours.
“We received the letter from the Musk parties which they have filed with the SEC,” a Twitter spokesperson told Insider on Tuesday. “The intention of the Company is to close the transaction at $54.20 per share.”
Representatives for Twitter did not immediately respond to Insider’s request for comment on the talks.