(Fwrd Axis) — Twitter has begun talks with billionaire CEO Elon Musk to strike a deal on his $43 billion offer to acquire the social networking site.
Sources close to the social media company say Twitter is now considering the possibility of selling the company to Musk and a deal could be complete as soon as this week.
Twitter had previously adopted a so-called ‘poison pill’ to block his attempt to take over but stockholders had grown concerned shareholders could back Musk unless a deal is reached.
Musk has previously insisted Twitter should be a private platform to allow more free speech.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote in a letter to the chairman of Twitter’s board of directors, that was included in the SEC filing.
The billionaire businessman has been vocal about criticizing Twitter’s handling of its platform, most notably how it regulates what people are allowed to say, referring to the social media company cracking down on misinformation, calls for violence, harassment, and conspiracy theories.
Republican politicians and conservative commentators have been vocal about the company ever since the company banned former President Donald Trump after his tweets regarding the January 6 attack on the United States Capitol.
Musk is the co-founder and CEO of Tesla and the founder and CEO of SpaceX and is worth about $259 billion, according to Bloomberg’s Billionaires Index.
The Wall Street Journal reported earlier on Sunday that Musk and Twitter would meet to discuss the acquisition offer.
Twitter’s retail investor base has increased from about 20% before Musk unveiled his stake on April 4 to some 22%.
“I would say, take the $54.20 a share and be done with it,’ said Sahm Adrangi, portfolio manager at Kerrisdale Capital Management.”