Twitter set to accept Elon Musk's $54.20 per share offer: Report
On April 14, Musk announced an offer to buy the social media platform for USD54.20 per share or about USD43 billion, but did not say at the time how he would finance the acquisition
Elon Musk | AP
Twitter Inc is nearing a deal to sell itself to Elon Musk for $54.20 per share in cash, the price that he originally offered to the social media company and called his "best and final" offer, people familiar with the matter told news agency Reuters.
According to the report, Twitter is likely to announce the $43 billion deal later on Monday once its board has met to recommend the transaction to the social media company's shareholders. However, sources told Reuters that the collapsing of the deal is always possible.
On April 14, Musk announced an offer to buy the social media platform for USD54.20 per share or about USD43 billion, 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.
Musk has said he wants to buy Twitter because he doesn't feel it's 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 nearly USD279 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 USD1 trillion - and SpaceX, his privately held space company. It's unclear how much cash Musk has.
(With Reuters and AP inputs)
RECENT STORIES
-
-
-
-
-