New Delhi: Twitter’s board is negotiating with CEO Elon Musk over his bid to buy the social media platform and a deal could be announced as early as Monday, according to media reports.
Twitter and Musk negotiated into the early hours Monday over his bid to buy the social media platform, The New York Times reported, less than two weeks after the billionaire first revealed a massive stake.
Musk said last week that he had lined up USD 46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.
Check 10 facts related to Twitter-Elon Musk saga:
- Twitter Inc is set to accept Elon Musk’s $43 billion buyout offer. This is Musk’s “best and final” offer for the microblogging platform, according to him.
- 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 criticised by Elon Musk, a self-described “free speech absolutist.”
- Tesla’s CEO has stated that Twitter has to be turned private in order to flourish and become a genuine platform for free speech.
- The agreement would 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 let the chance for a purchase pass them by.
- Musk is the social media company’s second-largest shareholder, with a 9.1% stake in the company. Elon Musk was previously invited to join Twitter’s board of directors, but he declined.
- The Twitter board of directors was opposed to the plan, putting in place a “poison pill” rule that would make it more difficult for Musk to buy more than 15% of the company through the stock market.
- Twitter’s potential 180-degree reversal comes after Musk met with many of the company’s shareholders on Friday.
- Tesla CEO Elon Musk announced on Thursday that he has obtained $46.5 billion in financing for the deal.
- So far, Twitter has been unable to gain a ‘go-shop’ option in its agreement with Musk, which would allow it to seek more bids once the contract is completed.