Twitter and Elon Musk are inching closer to a deal according to people familiar with the discussions.
Perhaps as soon as today, Twitter may announce that it has agreed to sell the company to the billionaire for around $43 billion, or $54.20 per share. However, reports claim that the deal could still fall apart last minute.
Twitter has not secured a “go-shop” provision that would allow it to seek offers from other entities even after the deal is agreed upon under the Musk proposition. However, Twitter could still accept other offers if it provides Musk a “break-up fee.”
Musk has been critical of Twitter’s current board, stating that they “will neither thrive nor serve this societal imperative in its current form” in his offer letter.
Prior to Musk’s purchase of Twitter stock, the firm’s shares had fallen around 10% after founder Jack Dorsey stepped down as CEO.