IMAGE – Mike Blake | Reuters
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.
Mr. Musk on April 14 offered a bid to buy the company without saying how he would pay for it, calling it his “best and final” offer. Twitter had been expected to rebuff the offer, and put in place a so-called poison pill to block him from increasing his stake. But after the Tesla chief disclosed that he has $46.5 billion in financing and the stock market swooned, Twitter changed its posture and opened the door to negotiations.
“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.”