Twitter close to accepting Elon Musk’s $46 billion buyout offer

Microblogging and social media company, Twitteris in serious talks to sell the company to Tesla’s CEO, Elon Muskwho made an unsolicited offer to buy the platform. The New York Times reported Monday that the company is close to reaching a deal to sell itself to Musk, citing sources familiar with the discussion. The development came days after Twitter moved to defend itself against Musk’s hostile takeover bid, announcing a plan that would allow shareholders to buy additional shares. The sources who spoke to the newspaper on condition of anonymity said Twitter’s board was in talks with Musk until early Monday morning after he began securing $46.5 billion in funding for the deal last week. The sources said the two sides were discussing details, including a timeline for closing any potential deal and the fees that would be paid if a deal was signed and then fell apart. According to the newspaper, the situation involving Twitter and Musk remained fluid and fast. Musk recently questioned Twitter’s adherence to free speech principles, asking his followers if a new platform was needed. On Monday, after news of his negotiations with Twitter broke, he tweeted: “I hope even my worst critics stay on Twitter, because that’s what free speech means.” hostile takeover Tesla CEO Elon Musk acquired a 9.2 percent stake in Twitter in early April, making him its largest shareholder. Musk owns 73,486,938 shares of Twitter, representing a 9.2 percent stake in the company, according to US Securities and Exchange Commission (SEC) Document 13G. A day after Musk acquired a 9.2 percent stake in the company, the company later announced that it would appoint him to its board, but Musk declined the offer. On April 14, Musk said he had offered to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before he started investing in Twitter and a 38% premium over the day before your investment. was publicly announced, according to the 13D/A filing of the US Securities and Exchange Commission (SEC). Following its $43 billion offer to buy the company, Twitter’s board of directors chose a time-limited shareholder rights plan, also called a “poison pill,” to ward off a potential hostile takeover. “The Rights Plan will reduce the likelihood that any entity, person or group will gain control of Twitter through open market accrual without paying all shareholders an adequate control premium,” Twitter said in a statement on March 15. April 2022. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Twitter close to accepting Elon Musk’s $46 billion buyout offer