Musk Close to Finalizing Deal to Acquire Twitter, According to Reports

Musk Close to Finalizing Deal to Acquire Twitter, According to Reports

Twitter is in advanced discussions to be sold to Elon Musk and could finalize a deal Monday, reports the Wall Street Journal.

According to WSJ, “The two sides worked through the night to hash out a deal that would be valued at $54.20 a share, the people said. There are no guarantees they will reach one.”

The New York Times reports, “The company’s 11-member board met with Musk to discuss his offer to buy the social networking service and take it private. An agreement could come as soon as Monday.”

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Initially, Twitter had rebuffed the offer, which Musk made April 14 without saying how he would pay for it.

Twitter's board then put in place a so-called poison pill to block him from increasing his stake.

But after Musk disclosed that he has $46.5 billion in financing, Twitter's leadership changed its posture and opened the door to negotiations.

Twitter shares rose more than 5% premarket Monday.