A tech analyst said that if Musk succeeds in taking over the company, there will be only one remaining option: find a white knight.
A white knight is an investor who saves a company from a hostile takeover by acquiring it at the last minute.
The tender offer was an alternative way to put pressure on the board after the poison pill defense was implemented.
Musk said on Thursday that he had secured $46.5 billion to finance his potential tender offer, which would be made directly to the shareholders.
In the next 48 to 72 hours, they are either going to decline the bid or come up with a second offer.
The same article listed payment firm PayPal, software company Oracle, and a hedge fund as potential white knights.
Mark Cuban, a billionaire investor, speculated this month that companies were looking at options to acquire the micro-messaging service, without violating anti-trust laws.
Cuban said that every major tech company is on the phone with their anti trust lawyers asking if they can buy Twitter.
They are on the phone with their lawyers asking which white knight they should have. Cuban said that it would be interesting.
The Wall Street Journal reported that the company was likely to reject the offer sometime in the next week.
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