Reports: Twitter in talks with Musk over bid to buy platform
The New York Times reports that Twitters board and Tesla CEO Elon Musk are negotiating over his bid to purchase the social networks platformByThe Associated PressApril 25, 2022, 7:49 AM – 2 min readShare to FacebookShare to TwitterEmail this articleTwitters board and Tesla CEO Elon Musk worked out into the early hours of Monday over his bid to buy the social networks platform, The New York Times reported.Musk said recently that he had lined up $46.5 billion in funding to buy Twitter, putting pressure on the companys board to work out a deal.The Times, citing people with knowledge of the scenario who it did not determine, said the 2 sides were going over details including a timeline and charges if a contract was signed and after that broke down. The individuals said the situation was fluid and fast-moving. Twitter had actually enacted an anti-takeover step known as a toxin tablet that could make a takeover effort prohibitively pricey. However the board decided to work out after Musk upgraded his proposition to reveal he had actually protected funding, according to The Wall Street Journal, which was very first to report the settlements were underway.On April 14, Musk announced an offer to purchase the social networks platform for $54.20 per share, or about $43 billion, however did not state at the time how he would finance the acquisition.Last week, he stated in documents submitted with U.S. securities regulators that the cash would originate from Morgan Stanley and other banks, some of it protected by his huge stake in the electrical automobile maker.Twitter has not commented.Musk has actually stated he wishes to purchase Twitter since he does not feel its measuring up to its prospective as a platform totally free speech.In current weeks, he has voiced a number of proposed changes for the business, from unwinding its content constraints– such as the rules that suspended previous President Donald Trumps account– to ridding the platform of its issues with phony and automated accounts.Musk is the worlds wealthiest person, according to Forbes, with a nearly $279 billion fortune. However much of his money is bound in Tesla stock– he owns about 17% of the company, according to FactSet, which is valued at more than $1 trillion– and SpaceX, his independently held space business. Its unclear how much money Musk has.