The world’s richest man looks poised to snap up the social media giant
Twitter is reportedly set to accept Elon Musk’s bid to buy the company outright following weeks of takeover discussions.
The $43 billion bid was said to be the Tesla CEO’s “best and final offer” and following reports a deal could be done within the week, it looks as though the board of directors is now set to agree upon the sale, according to Reuters.
It is thought the company may announce the $54.20-per-share deal later this Monday once the board of 11 has met to recommend the transaction to its shareholders.
However, sources close to the deal added that it is always possible that the deal collapses at the last minute. The world’s richest man has essentially had a free run at the business, as insiders claim they have been unable to secure a ‘go-shop’ provision which would allow them to entertain other bidders or joint-investors in the window between the sale being agreed and finalised.
The 50-year-old bought a nine per cent stake, the equivalent of 73,486,938 Twitter shares, on March 14 and was set to join the board of directors until a class-action lawsuit from those who sold him their piece of the company, claiming he failed to follow proper declaration procedure with the SEC and resultantly prevented them from gaining additional funds from the sale.
His designs on the social media site include adding an edit button for tweets and getting rid of one very specific group of users from the platform: bots.
Should the purchase be finalised, this would see Musk’s worth soar above $313b.
