Getting financing from big banks brings a lot of credibility to Musk's bid, said Wedbush Securities analyst Daniel Ives. "This isn't just Musk antics," Ives said. "Banks were going to line up for this deal from the richest person in the world. The fact they they pulled it together this quick shows that Musk isn't joking around. This is a real bid." Ives said the tender offer puts more pressure on Twitter's board to find a second bidder or go to the negotiating table with Musk. "It's a way to get around the poison pill and let shareholders speak," he said. A Delaware corporation named X Holdings 1 was formed at the direction of Musk and some affiliates who intend to "acquire, directly or indirectly, all of the outstanding equity interests of, or directly or indirectly merge with Twitter Inc.," according to a financing commitment letter the company submitted.