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Twitter reportedly close to a deal with Elon Musk

Twitter's board is reportedly close to a deal with Elon Musk over the Tesla CEO's bid to buy the social platform and take it private.
Reuters and the New York Times reported that the board could announce an agreement as soon as Monday accepting Musk's initial offer to buy Twitter at $54.20 a share, or about $43 billion.
Twitter's board and Tesla CEO Elon Musk negotiated into the early hours of Monday over his bid to buy the social media platform, the  Times reported.
Musk revealed last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company's board to negotiate a deal.
The Times, citing people with knowledge of the situation who it did not identify, said the two sides were discussing details including a timeline and fees if an agreement was signed and then fell apart. The people said the situation was fluid and fast-moving.
Twitter had enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive. But the board decided to negotiate after Musk updated his proposal to show he had secured financing, according to The Wall Street Journal, which was first to report the negotiations were underway.
On April 14, Musk announced an offer to buy the social media platform for $54.20 per share, or about $43 billion. Last week, he said in documents filed with U.S. 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 commented.
Musk has said he wants to buy Twitter because he feels the company isn't living up to its potential as a platform for free speech.
In recent weeks, he has voiced a number of proposed changes for the social networking site, 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 $279 billion fortune. But much of his money is tied up in Tesla stock: he owns about 17% of the company, according to FactSet, which is valued at more than $1 trillion. He also owns SpaceX, his privately held space company. It's unclear how much cash Musk has.
source: https://www.cbsnews.com/news/twitter-elon-musk-negotiations-close/