Twitter Inc is poised to agree a sale to Elon Musk for around $43 billion in cash, the price the CEO of Tesla has called his “best and final” offer for the social media company, people familiar with the matter said.
Twitter’s board and the Tesla and SpaceX CEO, 50, continued negotiations early into Monday morning, people with knowledge of the matter told the Times.
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.
On Monday, Twitter shares were up 4.5% in pre-market trading, per Reuters.
In an SEC filing last 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.”
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 to WSJ.
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 told WSJ.