Elon Musk is on course to finalize his purchase of Twitter after the two sides spent the weekend negotiating the terms of the sale. According to the New York Times, an agreement could be announced as soon as Monday.
Musk launched a hostile takeover of Twitter earlier this month, offering to purchase the social media company for $43 billion. While Twitter’s board initially sought to stave off Musk’s efforts by deploying a poison pill shareholder rights plan, the board began to take his offer seriously after he sured up financing for the deal, the Times reports. The two sides are now reportedly discussing details including a timeline to close a potential deal and fees that would be paid if a deal fell through at the 11th hour.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote in a letter to Twitter chairman Bret Taylor when he initially launched his takeover bid. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”
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“Twitter has extraordinary potential,” Musk added. “I will unlock it.”
While Musk has yet to elaborate on how he intends to “unlock” Twitter’s “extraordinary potential,” the business mogul has long been critical of the company’s decision to deplatform users who spread false conspiracy theories about election fraud and the pandemic. He has also encouraged Twitter to move its platform to an open-source network, and has called for the implementation of an “edit” feature for published tweets.
It’s also likely that Musk will look to make Twitter a private company again.
This is a developing story…
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