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Twitter continues negotiation with Musk
Negotiation over the sale of Twitter continued with Tesla chairman Elon Musk who earlier plonked down $46.5 billion to buy.
According to New York Times, the 11-member board was negotiating with Musk into the early hours of Monday.
Anonymous sources claimed the two parties were discussing details including a timeline to close any potential deal and any fees that would be paid if an agreement were signed and then fell apart.
But no agreement has been finalized yet.
The board earlier moved to defend the company 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.
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