According to news reports, the board of directors is close to accepting Musk's offer to buy the company.
It is expected that the board will recommend the transaction to the shareholders later on Monday, and that the deal will be announced later on Monday.
The two sides worked through the night to hammer out a deal after The Wall Street Journal reported that the two companies were in advanced talks to sell.
10 days ago, the board of directors of the social media company approved a poison pill to prevent a hostile takeover of the company by Musk.
According to the sources, a provision in the agreement with Musk that would allow it to solicit other bids once the deal is signed has not been secured. The sources said that Musk would be able to accept an offer from another party if he paid a break-up fee.
AdvertisementMusk revealed on Friday that he has $46.5 billion of financing lined up.
The New York Times wrote today that the financing was a turning point in how the board viewed Mr. Musk.
The Wall Street Journal reported that Musk met privately Friday with several shareholders of the company to promote his proposal while repeating that the board has a decision to make.
In early April, Musk disclosed in a Securities and Exchange Commission filing that he had previously purchased 9.2 percent of the stock. He agreed to join the board of the company in exchange for a restriction on buying more than 14.9% of the company's stock, but he backed out of the deal and offered to buy the company.
Musk questioned the commitment to free speech principles. In his initial offer, Musk wrote that he invested in the platform as he believed it to be the platform for free speech around the globe and that free speech is a societal imperative for a functioning democracy. The company will not thrive or serve this societal imperative in its current form since I made my investment. It needs to be a private company.
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