The world’s richest man, Elon Musk could purchase Twitter as early as today, Monday 25, 2022, according to the latest report from Bloomberg.
The billionaire, who offered to buy the microblogging platform for $43 billion earlier this month, is said to be in the final stage of discussions with the company’s board of directors.
Last week, Musk announced he had secured $46.5 billion via debt and equity financing to acquire Twitter. The billionaire was said to be considering approaching shareholders directly if the company’s board of directors failed to accept its $54.20 a share offer.
The now second-largest shareholder in the company, with a 9.2% stake is in the final stretch of negotiations to take Twitter to a new height.
Musk, 50, accused Twitter of not adhering to its free speech policy enough after he was approached to block the Russian government and agencies from accessing Starlink internet following Moscow’s invasion of Ukraine on February 24. The billionaire who described himself as a free speech absolutist refused calls to block Russia and said that would only be possible with a gun to his head.
Since then he has dumped $2.9 billion on a 9.2% stake in the company and turned down an offer to join the company’s board of directors. His refusal has been attributed to a clause that capped his Twitter acquisition to 14.9% while a board member and three months after.
Known for his controversy and unconventional approach to business matters, Musk with over 80 million followers on Twitter believes he could stir the company on a new path of growth.
According to the anonymous people quoted by Bloomberg, Twitter is presently working to resolve some terms of the transaction.
“The social media company is working to hammer out terms of a transaction and could reach an agreement as soon as Monday if negotiations go smoothly.”
“Musk is lining up partners for the acquisition and continues to speak to potential co-investors,” one of the people was quoted as saying.
Twitter shares jumped $3.19, or 6.52% to $52.12 a share on Monday immeidately the news became public. The company is expected to release its earnings report on Thursday.
