(Reuters) – According to The New York Times, Twitter’s board of directors and Tesla CEO Elon Musk discussed into the early hours of Monday about Musk’s attempt to purchase the social media site.

Musk said last week that he had secured $46.5 billion in funding to acquire Twitter, putting pressure on the company’s board to reach an agreement.

According to the Times, which cited unidentified sources with knowledge of the issue, the two parties were debating details such as a deadline and costs if an agreement was signed and subsequently fell apart. People described the scene as fluid and fast-paced.

Twitter has implemented a poison pill anti-takeover tool that may make a takeover effort prohibitively expensive. According to The Wall Street Journal, which was the first to announce the conversations were beginning, the board chose to negotiate after Musk amended his proposal to demonstrate he had secured finance.

Musk launched an offer to acquire the social networking site for $54.20 per share, or around $43 billion, on April 14, but did not specify how he planned to fund the transaction.

In filings filed with US securities authorities last week, he stated that the funds will come from Morgan Stanley and other banks, with part of it backed by his large interest in the electric vehicle producer.

Twitter has not commented.

Musk has stated his desire to acquire Twitter because he believes it is not living up to its potential as a medium for free expression.

In recent weeks, he has advocated a variety of reforms for the firm, ranging from loosening content restrictions — such as the ones that terminated former President Donald Trump’s account — to ridding the site of its issues with phoney and automated accounts.

According to Forbes, Musk is the world’s wealthiest individual, with a worth of almost $279 billion. But much of his money is invested in Tesla shares — he owns roughly 17 percent of the firm, which is valued at more than $1 trillion, according to FactSet — and SpaceX, his privately owned space enterprise. It’s unknown how much money Musk possesses.

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