Elon Musk Hints at Twitter Tender Offer With Cryptic Tweet

raised the prospect of launching a tender offer to acquire

in a cryptic tweet following his $43 billion offer last week to acquire the social-media platform.

Mr. Musk,

Tesla Inc.’s

chief executive, tweeted a blank space followed by the words “is the Night,” late Tuesday Eastern time. Speculation grew that the message was a veiled reference to the F. Scott Fitzgerald novel “Tender Is the Night” and implied the world’s richest man planned to approach Twitter shareholders directly to buy their stock at a specific price over a defined period.

Mr. Musk’s latest tweet is his second in less than a week to suggest the possibility of a pending tender offer for Twitter. Over the weekend, he tweeted “Love Me Tender,” the title of an Elvis Presley song.

Other potential references could be to Rod Stewart’s song “Tonight’s the Night (Gonna Be Alright),” signaling an offer is coming soon. Neil Young also released a 1975 album and single titled “Tonight’s the Night.” The tweet’s date, April 20, is the unofficial annual cannabis day, also known by some on Twitter as Elon Musk Day, another indication he has something planned for Wednesday.

Twitter has said that it would review Mr. Musk’s takeover proposal. The Wall Street Journal reported Monday that the company is expected to rebuff the offer. Twitter has also adopted a so-called poison pill, hindering Mr. Musk’s ability to increase his stake in the company beyond 15%.

The poison pill is meant to give Twitter’s board power to guard against an unwanted takeover bid that it believes isn’t in the best interest of shareholders.

As Elon Musk attempts to buy Twitter, WSJ looks back at Twitter’s past suitors, like Salesforce, Disney and Alphabet. Tech reporter Tim Higgins explains why those past conversations fell through and what’s different this time. Illustration: Nikki Walker

By taking the bid directly to Twitter investors in a tender offer, Mr. Musk could pressure the board to withdraw opposition and its poison pill if he garnered enough shareholder support. But that is far from certain.

Twitter’s stock traded close to $46 Wednesday, below Mr. Musk’s offer price of $54.20, which he has said is his best and final. Mr. Musk has said he has “sufficient assets” to consummate the deal, but his formal offer lacked detail on any financing.

Apollo Global Management Inc.

is considering participating in a bid for Twitter, including with Mr. Musk, the Journal reported.

Write to Ben Dummett at ben.dummett@wsj.com

Appeared in the April 21, 2022, print edition as ‘Musk Tweet Hints At Possible Tender Offer for Twitter.’

Elon Musk’s latest tweet is his second in less than a week to suggest the possibility of a pending tender offer for Twitter.