The board of the social media giant is reported to have met with Mr Musk over the weekend to discuss his $43bn offer.
Twitter's shares rose by about 4% in opening trade in New York on speculation the firm could agree a takeover deal with Elon Musk as early as Monday.
Shares rose almost 4% to $50.62 on the reports, but remained below Mr Musk's offer price of $54.20 a share. Twitter responded by putting in place a so-called "poison pill" defence to fend off Mr Musk. The mechanism would have created difficulties for Mr Musk if he attempted to increase his stake in the company.The board now appears to have U-turned after Mr Musk revealed he had lined up a $46.5bn financing package for his offer - with funding from a mixture of his own assets and the backing of Wall Street banking giant Morgan Stanley and other firms.
He asked his 83.3 million followers on Twitter if the social media platform should allow people to edit their posts - 74% of those who responded wanted an edit button. But underestimate him at your peril. He is a multi-billionaire and Twitter is one of his favourite toys - so he's come back with a funded $43bn offer that the firm's shareholders are now looking likely to accept.
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