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Twitter nearing deal with Elon Musk over bid to buy platform

Twitter’s board of directors is negotiating with CEO Elon Musk over its offer to buy the social media platform, and a deal could be announced as early as Monday, according to media reports. platform, The New York Times reported, less than two weeks after the billionaire first revealed a massive turnout. A deal is nearing completion, Reuters and The New York Times reported. Musk said last week he got $ 46.5 billion in funding. buy Twitter, pressuring the company board to negotiate a deal. The Times, citing people familiar with the situation who did not identify, said the two sides were discussing details, including a timetable and tariffs if an agreement was signed and then collapsed. The popular ones said the situation was smooth and fast. Shares of Twitter Inc. they rose 4% in the first place. Twitter had enacted an anti-acquisition measure known as a poison pill that could make an acquisition attempt prohibitively expensive. But the council decided to negotiate after Musk updated his proposal to show he had secured funding, according to The Wall Street Journal, which was the first to report that negotiations were ongoing. soon, fearful of the Byzantine task of moderating content on the platform, something Musk promised to do less. “The Twitter Council couldn’t find a white knight and with Musk’s detailed funding, the clock struck essentially midnight for the council that is. Why did negotiations begin to reach an agreement,” said Dan Ives, who follows Twitter for Wedbush Securities. On April 14, Musk announced an offer to buy the social media platform for $ 54.20 per share, or about $ 43 billion, but did not say. at that time how it would finance the acquisition. Last week, he said in documents submitted to U.S. securities regulators that the money would come from Morgan Stanley and other banks, some of them backed by their huge stake in the power company. ar maker.Twitter did not comment. Musk said he wants to buy Twitter because he doesn’t think it lives up to its potential as a platform for free speech. In recent weeks, he has expressed a number of proposed changes to the company. , from relaxing its content restrictions – like the rules that suspended former President Donald Trump’s account – to rid the platform of its problems with fake, automated accounts. Musk is the richest person in the world, according to Forbes, with a fortune of almost $ 279 billion. But much of its money is tied up in shares of Tesla – it owns about 17 percent of the company, according to FactSet, which is valued at more than $ 1 trillion – and SpaceX, its private space company. It’s unclear how much money Musk has.

Twitter’s board of directors is negotiating with CEO Elon Musk over its offer to buy the social media platform, and a deal could be announced as early as Monday, according to media reports.

Twitter and Musk negotiated Monday morning over their offer to buy the social media platform, The New York Times reported, less than two weeks after the billionaire first revealed a massive turnout.

An agreement is nearing completion, Reuters e The New York Times reported.

Musk said last week that he had secured $ 46.5 billion in funding to buy Twitter, pressuring the company’s board to negotiate a deal.

The Times, citing people unaware of the situation it did not identify, said the two sides were discussing details, including a timetable and tariffs if an agreement was signed and then collapsed. The popular ones said the situation was smooth and fast.

Hannibal Hanschke / Pool Photo via AP, File

Tesla and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer Award in Berlin on December 1, 2020.

Shares of Twitter Inc. they rose 4% in the opening bell.

Twitter had enacted a measure against taking possession known as the poison pill which could make a prohibitively expensive acquisition attempt. But the council decided to negotiate after Musk updated his proposal to show he had secured funding, according to The Wall Street Journal, which was the first to report that negotiations were underway.

Also, a rival bidder from Musk may not be up soon, fearful of the Byzantine task of moderating content on the platform, something Musk has promised to do less.

“Twitter’s board couldn’t find a white knight, and with Musk’s funding detailed, the clock struck essentially midnight for the board, so negotiations began to reach an agreement,” said Dan Ives, who follows Twitter for Wedbush Securities. .

On April 14 Musk has announced a bid to buy the social media platform for $ 54.20 per share, or about $ 43 billion.but did not say at the time how it would finance the acquisition.

Last week, he said in documents submitted to U.S. securities regulators that the money would come from Morgan Stanley and other banks, some of them backed by their huge stake in the electric car maker.

Twitter did not comment.

Musk said he wants to buy Twitter because he doesn’t think it lives up to its potential as a platform for free speech.

In recent weeks, he has expressed a number of proposed changes to the company, from easing its content restrictions, such as rules suspending former President Donald Trump’s account, to removing the platform from its problems with fake, automated accounts.

Musk is the richest person in the world, according to Forbes, with a fortune of almost $ 279 billion. But much of its money is tied up in shares of Tesla – it owns about 17 percent of the company, according to FactSet, which is valued at more than $ 1 trillion – and SpaceX, its private space company. It is unclear how much money Musk has.

Twitter nearing deal with Elon Musk over bid to buy platform Source link Twitter nearing deal with Elon Musk over bid to buy platform

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