Reports say that the potential acquisition of Twitter is closing in.
On April 24 last Sunday, the Twitter board met to discuss Elon Musk’s offer to buy the platform. Musk is reportedly offering $46.5 billion to buy the company, with several banks financing the deal. He is reported to offer $54.20 per share in cash to buy 100% of the social media platform.
Twitter’s board has plans to meet Musk with regard to the deal. According to the New York Times, two people, who are not named and are acquainted with the matter, said that the board has met up with Musk later that Sunday to discuss more details around the deal, which includes the timeline of the deal and the fees to be paid if the agreement was signed and then fell apart.
Earlier this month, Musk intended to buy the platform, which was dismissed by Wall Street because it wasn’t clear how he would fund the deal. Twitter even adopted a “poison pill” to prevent Musk from purchasing more than the 9% of the share he currently owns. However, Last April 20, Musk filed an SEC writing to prove his seriousness in buying the platform. Included in the SEC filing was a $26 debt loan from banks and Musk’s Tesla stocks. The deal will also include a $21 billion equity financing.
Musk says that he intends to make Twitter private and make it a platform for free speech.