10 things before the opening bell

Welcome to a special (and shorter) edition of 10 Things Before the Opening Bell. The stock market in the US is closed for Good Friday, so we're taking the opportunity to break down everything that's happened with Elon Musk's $43 billion bid for Twitter — and what could happen next.

We'll return with our regular newsletter Monday.

Here we go.

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Elon Musk wants it all. All of Twitter, that is. On Thursday, the Tesla chief placed a bid to up his stake of the social media platform from 9.2% to 100%, for $54.20 a share.

That represents about a 38% premium since April 3, the day before Musk's investment was made public. He told Twitter that this was his best and final offer, though he also noted later that he's not sure if the offer will go through.

Meanwhile, analysts at Wedbush said Musk's proposed takeover is likely going to happen, and that a series of events will leave the board of directors with few options. The NYT reported that the company is weighing a so-called poison pill that could block Musk's move — but the billionaire said he has a Plan B.

Stifel cut Twitter's stock rating to "sell." It predicts that a "full blown Elon circus" will set a near-term ceiling on share prices and detach Twitter from its fundamentals. Stifel was one of the only firms to change its rating, with most analysts holding steady. The social platform has a neutral rating from most sell-side research desks.

If Musk decides to abandon his offer or sell down his current 9.2% stake, that presents significant downside risk to the stock, Stifel noted.

Here's what else to know:

• A Twitter purchase means Elon needs a lot of cash on hand. Here's how the billionaire could possibly make this happen.
• Mark Cuban said the move has sparked every major tech company to call their lawyers to ask about buying the social network. "And Twitter is on the phone with their lawyers asking which can be their white knight," Cuban tweeted Thursday.
• Saudi Prince and major shareholder Alwaleed bin Talal rejected Musk's offer. Musk responded to the tweet by asking, "What are the Kingdom's views on journalistic freedom of speech?"
• Warren Buffett applauded Musk's ambition. "He's got an idea and he's winning. That's America. You can't dream it up. It's astounding."

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Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.)