Elon Musk.Photo: Al Drago/Bloomberg via Getty
Elon Muskmay be able to reach a deal with Twitter after all.
Although Twitter was initially expected to turn down Musk’s offer tobuy the social media platform for over $40 billion,Reuters,The Wall Street JournalandThe New York Timesall report that a deal could be announced as early as Monday.
Twitter’s board and the Tesla and SpaceX CEO, 50, continued negotiations early into Monday morning, people with knowledge of the matter told theTimes.
The news could be announced after the board has a chance to meet in order to recommend the sale to shareholders, people familiar with the situation told Reuters.
However, all three outlets cite sources saying that a deal could still fall through.
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In anSEC filinglast week, Musk offered to pay $54.20 a share for 100 percent ownership of Twitter, and said that he wants to take the company private.
“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,” the entrepreneur wrote in a letter to Twitter’s Chairman of the Board Bret Taylor.
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he continued. “Twitter needs to be transformed.”
The billionaire noted that his proposal is his “best and final offer” and that if it is not accepted, he will have to “reconsider my position as a shareholder.”
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After Musk made his offer on Wednesday, Twitter put a so-called poison pill in place, which would prevent him from increasing his stake in the company beyond 15%, according toWSJ.
However, the company began to warm up to his offer after Musk — who had not previously indicated how he would pay to purchase Twitter — shared he had already lined up $46.5 billion in financing, per the newspaper.
Additionally, Musk met with several shareholders privately on Friday, people familiar with the matter toldWSJ.
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As for some of the changes users may see in the future should the deal go through, Musk has said the platform “isway overdue for long form tweets!”
On April 4, as he becameTwitter’s largest shareholder, Musk also shared a poll, asking his followers if they wanted an edit button, with over 70% of respondents indicating yes.
Elon Musk.Theo Wargo/Getty
Musk’s move to buy Twitter came days after Twitter CEO Parag Agrawal announced that the tech executivedeclined an invitation to join Twitter’s board.
“I believe this is for the best,” Agrawal, 37,wrotein an email to Twitter employees. “We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”
“There will be distractions ahead, but our goals and priorities remain unchanged,” he continued. “The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”
source: people.com
