Twitter slips as Elon Musk's move to buy company could have 'soap opera ending': Wedbush
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Elon Musk's announcement on Thursday to buy Twitter (NYSE:TWTR) for $54.20 per share in cash so it can be "transformed as a private company" is a saga that is likely to end in a "soap opera ending," Wedbush Securities said.
Analyst Dan Ives, who covers Tesla (TSLA), noted that the likely end game is one where Musk owns Twitter (TWTR), as no other bidders are likely to emerge.
"It would be hard for any other bidders/consortium to emerge and the Twitter board will be forced likely to accept this bid and/or run an active process to sell Twitter," Ives wrote in a note to clients.
In an amended 13-D filing on Thursday, Musk wrote, "Twitter has extraordinary potential. I will unlock it." 
San Francisco-based Twitter (TWTR) confirmed acknowledgment of the offer and said it would "carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders."
Twitter (TWTR) shares initially surged on back of the offer, but turned red in mid-day trading on Thursday, down nearly 1% to $45.45.
However, the venerable tech exec called the $54.20 per share bid his "best and final offer," adding that if it were not accepted, he would "need to reconsider my position as a shareholder."
Presently, the 50-year-old Musk is Twitter's (TWTR) largest shareholder, owning a 9.2% stake.
Ives also pointed out that there are likely to be a number of questions about financing the deal, regulatory concerns and how Musk would balance his time between Tesla (TSLA), SpaceX and Twitter, but the time for Twitter to accept the deal is "now or never."
Ives added that the next step in the process is for Twitter's (TWTR) board of directors to review the offer and then it would be "get out the popcorn time as we expect many twists and turns in the weeks ahead as Twitter and Musk walk down this marriage path."
Earlier this week, Musk decided not to join the company's board of directors after previously saying he would.
Following Musk's decision not to join the board, Twitter (TWTR) Chief Executive Parag Agrawal tweeted that "there will be distractions ahead."
On Monday, following Musk's decision not to join Twitter's (TWTR) board, Ives said it could create a battle at the company reminiscent of some of the brutal fight scenes from the hit HBO series Game of Thrones.