According to Reuters, Twitter is expected to accept Elon Musk, the world’s richest man and CEO of Tesla, bid to purchase the platform for more than $43 billion.
Musk thinks that Twitter must be privatized in order to grow and develop into a genuine forum for free speech.
BREAKING: Twitter is in the final stretch of negotiations about a sale to Elon Musk and could reach a deal as soon as Monday https://t.co/pQOUoM3zFj pic.twitter.com/WEcIvE46Uz
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The social media company may announce the $54.20-per-share purchase on Monday when its board of directors meets to endorse the transaction to Twitter shareholders. Twitter’s stock rose 4.5 percent to $51.15 in pre-market trade on Monday.
Musk acquired a significant interest in Twitter earlier this month. He then offered to buy 100% of the company’s equity and take it private in what was dubbed a “hostile takeover” a week later.
According to sources, Twitter was unable to gain a ‘go-shop’ option in its agreement with Musk that would allow it to solicit more bids once the contract is completed.
Twitter might yet accept an offer from another party in exchange for Musk paying a break-up fee.
The acquisition would take place just four days after Musk announced a funding package to support the acquisition. This prompted Twitter’s board of directors to make the acquisition more serious, and many shareholders urged the firm not to let the opportunity pass them by.
JUST IN: Twitter is working to hammer out terms of a transaction and could reach an agreement with Elon Musk as soon as today if negotiations go smoothly, according to a person with knowledge of the matter
Latest: https://t.co/iM2WXpvfzl pic.twitter.com/cIkiwsGpZU
— Bloomberg (@business) April 25, 2022
