Twitter said to be close to a deal with Elon Musk

As unlikely as it may have once seemed, reports indicate Elon Musk may actually end up the owner of a newly-private Twitter after all. BothThe Washington Post and The New York Times are reporting that Twitter’s board is seriously considering Musk’s offer to buy the company, with the corporate governing body’s attitude towards the offer changing following Musk’s outlining of his plan to source the funds to make real his $46.5 billion offer to buy the company.

Twitter’s board met on Sunday to discuss Musk’s offer, and the NYT reports that they then entered into negotiations with Musk early on Monday morning to hammer out additional details including the timeline for close and what, if any, financial protections Twitter would enjoy were any potential deal to go south post-announcement.

Both reports stress that the deal is not yet final and could still fall apart, but given where we started it’s kind of amazing that it’s even gotten this far. Musk’s bid was initially seen by critics as undervaluing the company significantly despite it representing a premium on the current, depressed Twitter stock price, and the board even instituted a ‘poison pill’ policy to try to block Musk from acquiring a much more significant ownership position in the company.

If you need to catch up on all the wild twists in this story so far, check out our recap. It sounds like either way, we’ll have another instalment to share at some point today.

Credit belongs to : www.techcrunch.com

You May Also Like

Digital health unicorn Truepill conducts third round of layoffs in 2022

Truepill, a platform that helps other companies offer diagnostics, telehealth services and prescriptions, has conducted its third mass layoff in a string of workforce reductions, sources tell TechCrunch. The layoff impacted about third of the company, or 175 people. The company did not respond to multiple requests for comment. One source says that Truepill’s entire […]
error: Content is protected !!