Sources told The Wall Street Journal that the company is in talks to be sold to Musk and that a deal could be reached by this week.
Just ten days after Musk offered $43 billion for the social media platform, the two sides met on Sunday.
Musk revealed Thursday that he had amassed $46.5 billion in financing to buy the company.
The offer by the often-unpredictable entrepreneur rattled fans because they were afraid that his mission could destroy what has become a kind of moderately civilized mass town square. The stockholders were skeptical that Musk would get the money and proposal together.
According to the Journal, Musk met privately with several key shareholders to pitch his purchase. He promised to solve the issues he believes are hurting the platform.
Few details of his plan were immediately available, but he has said that he wants to reduce advertising.
Musk was praised by some shareholders.
He has an established track record at the company, according to the Journal. It is also a shareholder of the company.
Musk said he was considering taking his bid directly to shareholders. He would need a strategy around the company's poison pill to be able to build his stake to 15% or more.
Since he made the bid on April 14, the shares have generally been trading below his offer price. The Journal reported that they were up 4% on Friday.
The first-quarter earnings are expected to be reported Thursday.
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