Twitter falls amid report company unlikely to see other bids besides Musk (update)

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Update 12:57pm: Adds new details from a NYPost report on tender offer, financing, updates shares.

Twitter (NYSE:TWTR) dropped 0.3% amid speculation on CNBC that the social media company is unlikely to see other interests besides Elon Musk.

"The more I report the less I believe there's anybody else that really could show up here," CNBC's David Faber said. "Private equities not real. That's also marketing. I'm sorry Orlando Bravo, good for you. You're not doing this deal. I mean come on."

The CNBC report comes after the WSJ reported Monday that Apollo Global (APO) is considering participating in a bid for Twitter. Apollo is said to have had discussions about backing a potential deal for Twitter and could provide Elon Musk or another PE bidder with equity or debt for a bid. CNBC said Monday and Faber reiterated that Apollo would just provide financing for a deal.

The WSJ report comes after the NY Post reported late Thursday that Thoma Bravo is said to be working on a possible rival bid for Twitter. The NY Post and other media outlets also reported separately that Musk is said to be talking to investors who would partner with him on an offer for Twitter.

The NYPost reported on Tuesday that Musk plans to start a tender offer for Twitter in 10 days or so, though he's having more trouble than expected finding backers for his bid. Most PE firms are said to be staying away from any possible deal due to political controversies.

Musk is working on a "complex" deal that raises debt against both the company and potentially his own stock as well as a "cash equity infusion" from co-investors. Musk is said to be willing invest between $10 billion and $15 billion of his own cash, the NYPost said, citing two sources familiar.

Earlier, Musk's Twitter offer unlikely to succeed as board may view plan 'with horror': Rosenblatt.