Friday, April 19

Elon Musk and Twitter, about to agree to buy the platform for 40,000 million


The directive of Twitter is about to agree to sell the platform to the tech tycoon Elon Musk for about $43 billion in cash, the price Tesla’s chief executive has called his “best and final” offer for the social network. This has been explained to Reuters by people familiar with the matter.

Twitter could announce the $54.20-per-share deal later Monday, once its board has met to recommend the transaction to Twitter shareholders, the sources said. It’s always possible the deal could fall apart at the last minute, the sources added. Musk, the world’s richest person according to a Forbes count, is negotiating the Twitter purchase in his personal capacity and Tesla is not involved in the deal.

Twitter has so far been unable to secure a ‘go-shop’ provision under its deal with Musk that would allow it to solicit other offers once the deal has been signed, the sources said. However, Twitter could accept an offer from another party by paying Musk a breakup fee, the sources added.

The sources requested anonymity because the matter is confidential. Twitter and Musk did not immediately respond to requests for comment.

change the platform

Musk has said that Twitter needs to be privatized in order to grow and become a true free speech platform. Shares of Twitter were up 4.5% in premarket trading in New York on Monday, at $51.15.

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The sale would mark Twitter’s admission that its new chief executive, Parag Agrawalwhich took the helm in November, is failing to make the company more profitable, despite being on track to meet ambitious financial goals the company has set for 2023. Twitter shares were trading above the stock price. Musk offer in November.

Musk’s negotiating tactic – make an offer and keep it – resembles the way another billionaire, Warren Buffett, negotiates acquisitions. Musk did not provide any financing details when he first revealed his offer on Twitter, making the market skeptical of his prospects.

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