A few years ago I had thought that an acquisition of this nature was obviously coming sooner or later, but the pool of potential buyers got thinner as Discord gained more and more of their own leverage and influence. At this point I don't think Discord needs to exit in this way, but it still might be a very appealing option.

If the deal ends up occurring, I'd have to bet it is with either Microsoft or Facebook, both contingent on antitrust (although I feel like they'd be hard on FB here, but not MS, for whatever reason, likely due to media influence). Although other contenders could theoretically include Google or Amazon, it's a bit harder to imagine. Tencent is already a minor investor as well, but selling to a Chinese company would be particularly rough (Same for ByteDance). For these reasons I'd bet on Microsoft, not that my bet matters in the slightest.

Additionally, a lot of Discord users have just keenly realized who it is that actually holds power over their favorite platform, including a large slice of their online social life and a plethora of personal information, from every character they have typed in a direct message to every click they have made in the app, and it is certain not the users themselves. But, at least the "We will not sell your data" clause will have been technically correct (the best kind of correct, of course).