Twitter is in final talks to sell itself to Elon Musk, and a deal may be finalised within this week, according to insiders familiar with the situation, a startling turn of events just 11 days after the billionaire unveiled his $43 billion bid for the social-media business.
According to the sources, the two parties negotiated through the night to reach an agreement worth $54.20 per share. There’s still no promise they will get to that.
Twitter was anticipated to reject Mr. Musk’s bid, which he made on April 14 without specifying how he would pay for it, and to implement a “poison pill” to prevent him from raising his stake. However, after Tesla’s CEO Elon Musk revealed that he has $46.5 billion in financing and the share market plummeted, Twitter reversed its stance and opened the door to discussions.
According to insiders, the recent move would bring the world’s richest man together with the popular social networking platform. The final agreement might be revealed within few days. As of April 25, Twitter shares were up more than 5 per cent in early trade.