The board of Twitter is set to accept Elon Musk’s $43 billion bid to acquire twitter. The company is reportedly preparing a statement to announce the acquisition of the microblogging platform.
Sources also say the deal could collapse at the last minute. The Tesla boss has insisted that his offer of $43 billion was the “best and final” bid. However, Reuters says Twitter has so far secured provision under its agreement with Musk that would allow it to solicit other bids once the deal is signed.
After buying a stake of 9.2 percent in March, Musk had in early April offered to acquire the company at 54.20 per share for $43 billion. The offer which was announced on his Twitter handle gained momentum with fans and followers around the world discussing the impact of the acquisition on the future of the company. While there were many who said it was a welcomed move, Twitter executives did not seem amenable to giving up the company to the world’s richest person.
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Musk said the goal for buying the company is to tackle trolls on Twitter and also proposed changes to the Twitter Blue premium subscription service, including slashing its price and banning advertising.
He also believes that Twitter needs to be taken private to grow and become a genuine platform for free speech. This is not the first time he is proposing to take one of his companies private. The CEO had met a brick wall from investors when he attempted to take Tesla private after the company was already listed.
Meanwhile, investors reacted positively to the news of the acquisition as the shares of the microblogging platform rose by 4.5 percent in pre-market trading in New York at $51.15. The company’s shares had fallen about 10 percent since Parag Agrawal took over as CEO from founder Jack Dorsey in late November.
