May 28, 2022

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Bloomberg: Elon Musk and Twitter on the previous page — deal could close on Monday

Bloomberg: Elon Musk and Twitter on the previous page — deal could close on Monday

according to The New York Times Twitter’s board of directors held talks with Elon Musk throughout the night until Monday about a possible deal to sell the media company to Tesla CEO, who is one of the world’s most famous and infamous Twitter users.

The Wall Street Journal It also reported that the talks had entered a new and advanced stage, and that the agreement could be ready as early as this week.

Monday a little after Kuala Lumpur. 13 Norwegian time, Bloomberg news agency writes that the agreement is on the rise, and that an agreement could be signed as early as Monday, according to a source familiar with the negotiations. Bloomberg stresses that the talks are fluid and that the agreement can be postponed or collapsed.

Twitter shares rose 5 percent in pre-trading on Monday.

Musk announced that he has secured more than NOK 400 billion in funding to buy the microblogging service. He hasn’t made a formal bid on Twitter, but has indicated he’s considering doing so at $54.20 a share, valuing the entire company at around 375 billion crowns.

According to the New York Times, Twitter’s board met Sunday morning US time to reconsider Musk’s push. The fact that Musk has secured funding should be a turning point in how the board views the offer, the newspaper wrote. The board of directors, made up of 11 people, including Twitter co-founder Jack Dorsey, is said to have negotiated with Musk until last night and still past midnight US time.

Musk bought Twitter earlier this spring, and became the largest shareholder with more than nine percent of the company’s stock. Twitter initially tried to get Musk on the board in exchange for a commitment to owning no more than 15 percent of the stock. Musk agreed to this first, but after a series of critical tweets, he turned around. Instead, Musk is now trying to secure full ownership of Twitter, to take the company out of the stock market and implement a number of changes to the service.

Musk, who promotes himself as a relentless defender of free speech and an opponent of the so-called wake-up movement, wants, among other things, to introduce an edit button for Twitter messages.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.