Twitter sale could be agreed as early as today as Elon Musk enters ‘final stretch’ of negotiations
Twitter is in the final stretch of negotiations in its sale to Elon Musk, with a deal potentially being reached as early as today.
As reported by Bloomberg, the social media firm is hammering out the terms of a transaction, according to inside sources.
On April 14, the eccentric billionaire announced an offer to buy the social media platform for $54.20 (£42.20) per share, or about $43bn (£33.5bn), but did not say at the time how he would finance the acquisition.
Last week, he said in documents filed with US securities regulators that the money would come from Morgan Stanley and other banks, some of it secured by his huge stake in the electric car maker.
Twitter has not yet commented on the matter.
Musk has said he wants to buy Twitter because he does not feel it is living up to its potential as a platform for free speech.
In recent weeks, he has voiced a number of proposed changes for the company, from relaxing its content restrictions – such as the rules that suspended former President Donald Trump’s account – to ridding the platform of its problems with fake and automated accounts.
Musk is the world’s wealthiest person, according to Forbes, with a near $279bn (£217.2 billion) fortune.
But much of his money is tied up in Tesla stock – he owns about 17 per cent of the company, according to FactSet, which is valued at more than $1 trillion (£778.5 billion) – and SpaceX, his privately held space company. It is unclear how much cash he has.