Elon Musk is reportedly in talks with Twitter’s board over his bid to acquire the microblogging site, amid reports the billionaire has secured $46.5 billion in capital to privatize the company. business.
Musk had offered more than $40 billion to buy out Twitter shareholders, just after buying 9.1% of the company’s capital. His acquisition plan had previously encountered board walls, but according to The New York Times, talks have begun.
Also read: Elon Musk clashes with Bill Gates over $500 million investment in Tesla
Negotiations between the two sides began overnight Monday morning, people familiar with the deal told the US publication. This was after the board met to discuss details of the deal on Sunday.
The new development comes after the Dubai government’s investment vehicle Kingdom Holding Company, a Twitter stakeholder, publicly rejected Musk’s offer.
Additionally, Vanguard Group had increased its stake in Twitter to 10.3%, overtaking Musk’s 9.2% to become the social media company’s largest shareholder.
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