(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.
Related posts:
According to Finance Minister Shaukat Tarin, ‘powerful nations’ persuaded FATF to maintain Pakistan on the grey list.
Before we table a no-confidence motion, Prime Minister Imran Khan should resign: Bilawal
Facebook’s Meta-funded TikTok assault campaign: report
The DG ISPR disputes the Indian COAS’ allegation that the ceasefire was negotiated from a position of strength.
The Taliban will meet with Western officials in Norway for aid negotiations.
The Prime Minister pays a visit at the Diamer-Bhasha Dam site.
The Prime Minister has launched the Kamyab Pakistan Program, which provides interest-free loans.
Kyiv is open to negotiations, but rejects Moscow’s proposal for Belarus.
The Prime Minister congratulates the Wildlife Department on the successful conservation of leopard cats.
TikTok is no longer accepting new videos from Russia.
During the three years of the PTI government, NHA income grew by Rs103 billion: Murad.
Cabinet removes the name of the Finance Minister from the ECL.
Biden urges that the Taliban release the final US captive in Afghanistan.
Haris Rauf slaps at teammate Kamran Ghulam after he loses a grab on his bowling.
AJK LA was convened on Monday to select a new Prime Minister.
Mohammad Hasnain’s bowling action is deemed unlawful by Cricket Australia.
As tensions in Ukraine rise, the United States sends more troops to NATO allies.
On Sunday, Pakistan and India will face off in the first match of the Women’s World Cup.
PPP has released a detailed march schedule.
All conflicts between the MQM-P have been overcome, and there is a single opposition.