Twitter is expected today to approve Elon Musk’s $43 billion offer to purchase the social media company and take the company private.
Multiple news sources have reported that Twitter will most likely announce a completed deal with Musk today for $54.20 per share. The billionaire is ready to purchase the company for $43 billion.
Less than two weeks ago, Musk submitted a generous offer to acquire Twitter and privatize the company to make essential changes and improve the company’s approach to protecting free speech. In his letter to Twitter’s board of directors, Musk explained, “Twitter has extraordinary potential. I will unlock it.”
According to Fox Business, the two parties met on Sunday to discuss the terms of the deal. Although Musk and Twitter had not reached a consensus over the weekend, reports indicate that they made significant progress.
On Monday, news has circulated that a deal is near completion, driving Twitter’s stock prices up by more than three percent. After Musk announced Thursday that he had secured $46.5 billion in financing for his attempt to acquire Twitter, the company appeared to be more willing to negotiate with Musk.
After initially adopting a “poison pill” to prevent Musk from taking over the company, Twitter’s board of directors came under fire for not acting responsibly in the eyes of their shareholders. Now, the social media platform appears to be ready to accept Musk’s initial offer.
Musk has promised to bring significant changes to the social media platform, especially concerning the platform’s censorship of free speech and its use of algorithms. In his offer, Musk told Twitter’s Chairman of the Board, Bret Taylor, “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.”