The board of microblogging giant, Twitter, has reopened talks for a takeover by billionaire Tesla Chief Executive Officer, Elon Musk, after his initial bid was rejected.

On April 14, shortly after becoming Twitter’s single largest shareholder by buying 9.2 percent of its stock, Musk had announced an offer to buy the social media platform for $54.20 per share, or about $43 billion, but did not say at the time how he would finance the acquisition.

The announcement was said to have put serious pressure on the board to negotiate a deal but after rejecting the bid, the two sides are now open to a negotiation and as at Monday morning, were discussing details including a timeline and fees if an agreement was signed and then fell apart.

Shortly after Musk, the world’s richest man according to Forbes and founder of SpaceX, a privately held space company, announced the takeover bid, Twitter had enacted an anti-takeover measure known in international business circles as the “poison pill” that could make a takeover attempt prohibitively expensive.

But now, it appears the Twitter board has decided to negotiate after Musk updated his proposal to show he had secured financing.

While announcing the bid, Musk, said in documents filed with U.S. securities regulators that the money would come from Morgan Stanley and other banks, some of it secured by his huge stake in Tesla, the electric car maker.

He had hinted that he wanted to buy Twitter because he doesn’t feel it was living up to its potential as a platform for free speech while in recent weeks.

He had also promised a number of changes for the company, from relaxing its content restrictions such as the rules that suspended former President Donald Trump’s account, to ridding the platform of its problems with fake and automated accounts.

Elon Musk's offer to buy Twitter is expected to be accepted by the company's board of directors soon.#ElonMusk pic.twitter.com/XLl3JEudQ3

— Fact Protocol (@FactProtocol) April 25, 2022