Twitter set to accept Elon Musk’s £33bn bid to buy out social media company

Twitter is reportedly set to accept Elon Musk's offer to buy the company today, after weeks of wrangling over a deal.

According to Bloomberg, the Twitter board is poised to accept the tech billionaire's offer of a buyout at $54.20 (£42.55) per share as soon as this afternoon if negotiations go well.

Musk first announced his plans to buy the social media company on April 14, as he said he wanted to shake things up and ensure it protected free speech. As one of the platform's most prolific users, also wants to add an 'edit' button to tweets after they've been posted.

If the deal goes through today it would mark a massive expansion in power for the world's richest man, who is already CEO of Tesla, SpaceX, Neuralink, and several other companies.

Musk has been trying to take over the platform ever since he purchased more than 9% of the company's shares on April 9, making him its biggest shareholder.

Musk reportedly turned down a seat on the board of directors and threatened to sell all of his shares if the company didn't play ball on his takeover bid.

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When Musk turned down a position on the board of directors, Twitter CEO Parag Agrawal said it was "for the best."

He said: "We have and will always value input from our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his input.”

Twitter initially rejected Musk's bid for the company, activating anti-takeover measures to make it too expensive.

However, it now appears they have renegotiated after Musk secured funding for a deal.

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  • Elon Musk

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