Twitter board is reportedly reconsidering Elon Musk's $46.5B acquisition bid

• Twitter's board allegedly met on Sunday morning to discuss Elon Musk's takeover bid.
• The board is said to be reconsidering Musk's proposal several days after adopting a defensive measure to prevent him from acquiring more of Twitter's stock.
• Musk recently disclosed that he had secured $46.5 billion in financing for his bid.

The board of the social media company is said to be reconsidering Musk's proposal to buy the company.

According to The New York Times, the board of directors met on Sunday morning to discuss the offer by Musk to buy the company. The renewed interest came after Musk announced that he had secured $46.5 billion in financing for his bid.

The founder of two companies offered to buy all of the common stock of the company for $54.20 per share. The social networking site has the potential to be a platform for free speech around the globe, according to Musk.

The shareholder rights plan was enacted in response to Musk's bid. He couldn't acquire an additional stake in the company. Musk is the company's largest individual shareholder after buying a 9.2% stake in the company.

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If the offer was declined, he would reconsider his position as a shareholder.

The Times said that the board would meet with Musk's party to discuss other aspects of a potential deal, including any fees that would be paid if an agreement was signed.

At the time of this writing, the statement was not available.

The latest development does not indicate that a deal is underway, but it is a significant step in that direction.