Twitter sale to Elon Musk close to being finalized: Report

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Credit: Salon

Elon Musk’s bid to purchase Twitter for $54.20 per share is close to being finalized and could be announced as early as today.

The timeline was provided by multiple sources familiar with the discussions that spoke with Reuters.

The sources added that a deal is never final until signed, and it could still fall apart at the last minute.

Musk first offered to buy Twitter earlier this month in an unsolicited bid for $43 billion.

The social media company did not respond to the offer and instead adopted a “poison pill” to stop Musk’s efforts, but was forced to consider the offer after the Tesla CEO was able to secure funding for the bid last week.

According to a filing with the US Securities and Exchange Commission (SEC), Musk is providing $33.5 billion himself, including $21 billion in equity and $12.5 billion on margin loans.

The remaining funds are being provided by Morgan Stanley along with several financial institutions.

All of this came after Musk became Twitter’s largest shareholder, and then accepting and declining a seat on the board of directors all in the span of less than one week earlier this month.

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