There are reports that the social media company is in advanced talks to sell itself to Musk, with a deal expected to be announced as soon as today.
A deal could be announced later today.
The company's stock moved higher on Monday as investors cheered reports that the company's board of directors have been negotiating with Musk over his offer to take the company private.
According to several publications, the board is considering accepting Musk's original offer of $54.20 per share in cash, which values the company at around $43 billion, and looks to be nearing a deal to sell the company.
A formal announcement about a deal is expected later on Monday, The Wall Street Journal reported.
The company adopted a poison pill to ward off hostile takeovers and was expected to decline Musk's offer to buy the company and take it private.
The board appears to be more receptive to Musk's acquisition offer after he revealed in an SEC filing last week that he had secured $46.5 billion in financing.
The Board may have realized that an alternative bid from a white knight may be hard to come by.
The majority of the gains this month have come after Musk first announced his offer to buy the social media platform.
Zino says that the Board's willingness to have a constructive conversation along with financing in place improves the likelihood that a deal could come to fruition.
Wall Street analysts were split on Musk's offer to buy Twitter. Some experts predicted that the soap opera would end with Musk acquiring the company, while others remained highly skeptical. As the market waits to see what happens with Musk's potential takeover, most analysts maintain a hold rating on the shares.
Reports say that the social networking site accepted the acquisition offer from Musk.
Musk has secured $46.5 billion in financing for the bid.
The board of the micro-blogging site adopted a poison pill to stop the takeover bid by Musk.
Distraction or Hostile takeover? What analysts think about Musk's offer to buy the company.
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