Twitter’s board and Tesla CEO Elon Musk negotiated into the early hours of Monday over his bid to buy the social media platform, The New York Times reported.
Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.
The Times, citing people with knowledge of the situation who it did not identify, said the two sides were discussing details including a timeline and fees if an agreement was signed and then fell apart. The people said the situation was fluid and fast-moving.
Twitter had enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive. But the board decided to negotiate after Musk updated his proposal to show he had secured financing, according to The Wall Street Journal, which was first to report the negotiations were underway.
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