The board of directors of Twitter is in serious talks to sell the company to billionaire Elon Musk, who made an unsolicited offer to buy and privatise the social media platform.
The 11-member board of directors was negotiating with Musk into the early hours of Monday over his unsolicited bid to buy the company, according to the New York Times, after Musk began lining up $46.5 billion in financing for the offer last week.
According to anonymous sources close to the two parties, they were discussing details such as a timeline for closing any potential deal and any fees that would be paid if the deal fell through.
No agreement had been reached as of Monday.
This comes days after Twitter moved to defend itself against Elon Musk’s $43 billion hostile takeover bid, announcing a plan that would allow shareholders to purchase additional stock.
“The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium,” Twitter said in a statement on April 15, 2022.
Musk had in early April bought 9.2 per cent of the company.