According to the New York Times, Elon Musk and Twitter’s board have been discussing their offer to purchase the social media platform until Monday morning.
Musk claimed last week that he provided $ 46.5 billion of funding to purchase Twitter. This pressured the company’s board members to reach a deal.
The Times quotes people who are not familiar with the situation. They say that both sides met to discuss details such as a timeline and payment if an agreement is reached and then ended. According to the people, the situation was fluid.
Twitter has taken an anti-takeover measure called a poison pill. It could lead to an unusual takeover. The board agreed to negotiate after Musk updated the proposal to show that he had secured funding. This was according to the Wall Street Journal which was the first to report that negotiations are underway.
Musk made an offer to buy the social media platform at $ 54.20 per shares, or $ 43 billion. However, he did not specify how he would finance the acquisition.
In documents submitted to U.S. regulators last week, he stated that the money would be coming from Morgan Stanley and other banks. Some of these banks are protected by his large holding in the electric car manufacturer.
Twitter did not respond.
Musk said that he wanted to buy Twitter, as he believes it is not realizing its potential for freedom of expression.
He made several changes to the company over the past weeks. They included easing restrictions on content, such as the rules that suspend former President Donald Trump from his account, and freeing it from its problems with fake and automatic accounts.
Forbes lists Musk as the richest man on the planet, with an estimated fortune of $ 279 billion. However, Musk’s wealth is tied to Tesla shares. He owns 17 percent of Tesla, which FactSet estimates is worth more than $ 1 billion. SpaceX, Musk’s private space company, also accounts for a large portion of his fortune. It isn’t clear how much Musk has in cash.