Twitter's board is negotiating with CEO Elon Musk over his bid to buy the social media platform and a deal could be announced as early as Monday, according to media reports.
Twitter and Musk negotiated into the early hours Monday over his bid to buy the social media platform, The New York Times reported, less than two weeks after the billionaire first revealed a massive stake.
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.
"The Twitter Board could not find a white knight and with Musk's financing detailed the clock has essentially struck midnight for the board which is why negotiations have begun to get a deal done," said Dan Ives, who follows Twitter for Wedbush Securities. 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.Musk has said he wants to buy Twitter because he doesn't feel it's living up to its potential as a platform for free speech.
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