The Twitter board is close to an agreement with Elon Musk on the Tesla CEO’s offer to buy the social platform and make it private.
Reuters and the New York Times reported that the board could announce a deal as early as Monday accepting Musk’s initial offer to buy Twitter for $ 54.20 a share, or about $ 43 billion.
Twitter’s board of directors and Tesla CEO Elon Musk negotiated a bid to buy the social media platform until early Monday, the Times reported.
Musk revealed last week that he did lined up $ 46.5 billion in funding buy Twitter, pressuring the company’s board of directors to negotiate a deal.
The Times, citing people unaware of the situation it did not identify, said the two sides were discussing details, such as a timetable and tariffs if an agreement was signed and then broken. People said the situation was smooth and fast.
Twitter had enacted one anti-opa measure known as a poison pill that could make an attempted takeover ban prohibitive. But the board decided to negotiate after Musk updated his proposal to show he had secured funding, according to The Wall Street Journal, which was the first to report that negotiations were underway.
On April 14, Musk announced a bid to buy the social media platform for $ 54.20 per share, or about $ 43 billion. Last week, he said in documents submitted to U.S. securities regulators that the money would come from Morgan Stanley and other banks, some of them insured for their huge stake in the electric car maker.
Twitter has not commented.
Musk has said he wants to buy Twitter because he believes the company does not live up to its potential as a platform for free speech.
In recent weeks, he has voiced a number of proposed changes to the social media site, from easing its content restrictions, such as rules that suspended former President Donald Trump’s account, to undoing the platform. of your problems with fake and automated accounts.
Musk is the richest person in the world, according to Forbes, with a fortune of almost $ 279 billion. But much of his money is tied to Tesla shares: he owns about 17 percent of the company, according to FactSet, which is valued at more than $ 1 trillion. He also owns SpaceX, his private space company. It is unclear how much cash Musk has.
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