Elon Musk’s feud with Twitter is expected to come to an end soon, according to Bloomberg News, which reports that Twitter is close to reaching an agreement with Elon Musk on his bid to buy the social media giant.
According to the sources, the social media company is working on transaction conditions and might strike a deal as early as Monday if talks go well.
Many of the social media company’s stockholders had been wooed by Musk’s $43 billion buyout bid, which included financing information.
In filings filed with US securities regulators last week, he stated that the funds would come from Morgan Stanley and other banks, with some of them secured by his large interest in the electric vehicle manufacturer.
The price of Twitter’s stock has risen by 5.3 percent as a deal for Musk’s purchase of the company appears to be imminent.
The company’s willingness to work with Musk does not imply that it will accept his $54.20 per share offer.
However, it indicates that Twitter is currently looking at the possibility of selling the firm to Musk on favourable terms.
Musk, the CEO of Tesla, has been meeting with Twitter shareholders in recent days to seek backing for his takeover proposal.
He believes that in order for Twitter to thrive and become a true forum for free speech, it needs to be taken private.
Following Musk’s presentation of a detailed financial plan for his bid, several Twitter shareholders contacted the company, urging it not to miss out on the opportunity.
Musk has stated that he wants to buy Twitter because he believes it is not living up to its potential as a free expression medium.
He has recommended a number of reforms to the firm in recent weeks, ranging from loosening content restrictions — such as the ones that suspended former President Donald Trump’s account — to resolving the platform’s issues with phoney and automated accounts.
According to Forbes, Musk is the world’s wealthiest individual, with a worth of almost $279 billion.
However, much of his wealth is invested in Tesla shares — he owns approximately 17% of the company, which is valued at over $1 trillion, according to FactSet — and SpaceX, his privately held space enterprise.
It’s unclear how much money Musk possesses.
Watch | Elon Musk triggers another row, now it is Elon Musk versus Bill Gates