Social media platform Twitter is reportedly finalizing a deal that would see Tesla founder and world’s richest man Elon Musk acquire the company for $43 billion in cash. Several media reports — citing sources familiar with the situation — say the transaction, which would make Twitter a privately held platform, is in the final stages as participants iron out details. However, the transaction could still fall through.
Musk April 14 announced an unsolicited offer to acquire Twitter, which prompted the platform’s board to enact a “poison pill” anti-takeover stance that would make the deal prohibitively expensive — even for Musk. Last week, Musk announced he had secured in excess of $46 billion in funding for the deal — prompting the Twitter board to reconsider a deal that values the company’s stock at a 12.5% premium.
Musk wants to lift existing limitations on Twitter, including provisions that currently exclude former President Donald Trump and others from using the platform.
“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 said in a statement earlier this month. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”