Silicon Valley: A negotiation between Twitter's board and Tesla CEO Elon Musk took place in the wee hours of April 25 over his bid to take over the social media giants.
The world's richest man said last week that he had arranged $46.5 billion in financing to acquire Twitter, thereby exerting pressure on the company's board to negotiate a deal.
According to reports, both the parties were discussing details which includes a timeline and fees if an agreement was signed and then fell apart. People who are well-versed with the developments have said that the situation stands fluid and fast-moving.
Earlier, Twitter had sanctioned an anti-takeover measure known as a poison pill that could make a takeover attempt very expensive. However, the board decided to negotiate with the Tesla CEO after Musk updated his proposal to show he had secured financing.
Earlier on April 14, Elon Musk had announced an offer to acquire the social media platform for $54.20 per share, or about $43 billion, but he did not reveal during that time how he would finance the acquisition.
Meanwhile, Elon Musk has expressed his discontent over the current stock of Twitter and he feels that the social media giant is not living up to its potential as a platform for free speech.
The Tesla CEO has put forward a number of proposed changes for the company of late. It ranges from relaxing its content restrictions to getting rid of its problem with fake and automated accounts.
Meanwhile, Elon Musk happens to be the richest man on the planet with an estimated net worth of $279 billion. But, a huge portion of his wealth is tied up in Tesla stock and he owns roughly about 17 per cent of the company. He also owns SpaceX, a privately held space company.
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