Twitter's board and Tesla CEO Elon Musk negotiated into the early hours of Monday over his bid to buy the social media platform, The New York Times reported.
Musk said last week that he had lined up US$46.5 billion in financing to buy Twitter, putting pressure on the company's board to negotiate a deal.
Twitter had enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive. But the board decided to negotiate after Musk updated his proposal to show he had secured financing, according to The Wall Street Journal, which was first to report the negotiations were underway.
Last week, he said in documents filed with U.S. securities regulators that the money would come from Morgan Stanley and other banks, some of it secured by his huge stake in the electric car maker.Musk has said he wants to buy Twitter because he doesn't feel it's living up to its potential as a platform for free speech.
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