New Delhi: Twitter’s board is in talks with CEO Elon Musk over his bid to buy the social media platform and according to media reports, a deal could be announced as early as Monday.
Twitter and Musk held talks early Monday over their bid to buy the social media platform, The New York Times reported, less than two weeks after the billionaire first disclosed a massive stake.
Musk said last week that he had raised US$46.5 billion in funding to buy Twitter, putting pressure on the company’s board to negotiate a deal.
Check out 10 facts about the Twitter-Elon Musk saga:
Twitter Inc. is ready to accept Elon Musk’s $43 billion buyout offer. According to him, this is Musk’s “best and final” proposal for the microblogging platform.
Twitter’s board of directors is expected to endorse the $54.20-per-share deal to Twitter shareholders later on Monday.
Twitter’s restrictions have been criticized by Elon Musk, a self-described “free speech absolutist”.
The Tesla CEO has said Twitter has to be private and a de facto platform for free speech to flourish.
The agreement will be announced just four days after Musk announced a financing package to support the purchase. As a result, Twitter’s board of directors began to take the acquisition more seriously, and many shareholders urged the company not to pass up the buying opportunity.
Musk is the social media company’s second largest shareholder, holding a 9.1% stake in the company. Elon Musk had previously been invited to join Twitter’s board of directors, but declined.
Twitter’s board of directors opposed plans to introduce a “poison pill” rule that would make it difficult for Musk to buy more than 15% of the company via the stock market.
Musk did a possible 180-degree reversal of Twitter after meeting with several of the company’s shareholders on Friday.
Tesla CEO Elon Musk announced on Thursday that he has received $46.5 billion in funding for the deal.
So far, Twitter has been unable to secure a ‘go-shop’ option in its agreement with Musk, which would allow it to take more bids once the contract is completed.
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