Twitter is closing in on a deal to sell itself to Elon Musk, The New York Times reported, citing two people with knowledge of the situation. An agreement between Musk and the social media network could arrive as soon as Monday.
Musk announced on April 14 that he wanted to buy Twitter and take it private, tweeting out a link to his filing to buy “100% of Twitter for $54.20 [USD] per share in cash.”
In the filing, he called the bid his “best and final offer” and said that if it’s not accepted, he would “need to reconsider [his] position as a shareholder.”
Last week, Musk updated his proposal, lining up $46.5 billion USD in financing, according to people with knowledge of the matter.
Twitter’s 11-member board reportedly met with Musk over his bid to buy the company on Sunday morning, with negotiations taking place into the early hours of Monday morning. The two parties discussed a timeline for a potential deal and any fees that would be paid if the agreement fell apart, the sources said.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk said in his proposal. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”
“Twitter has extraordinary potential. I will unlock it,” he added.
In other tech news, someone seemingly left a Google Pixel Watch at a restaurant by accident.
Source: Read Full Article
