Elon Musk, Twitter poised to reach deal on a sale, reports say

Twitter is reportedly close to a deal to sell the company to Tesla founder and billionaire Elon Musk.

According to published reports, Twitter could announce details of the deal as soon as Monday. The deal would be worth around $43 billion in cash, Reuters reports.

Twitter and Musk were negotiating details including when a potential deal might close and any fees paid if the deal fell through, The New York Times reports.

Shares of Twitter rose 4.8% in premarket trading Monday. 

Twitter could not be immediately reached for comment.

Last week, Musk said he lined up $46.5 billion in financing to buy Twitter and had been continuing to negotiate with the company.

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Musk has been critical of how strictly Twitter moderates content on its platform. “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” he tweeted earlier this month.

Earlier this month, Musk scooped up a 9% stake in the company, which made him Twitter’s largest shareholder at the time. Twitter responded by announcing plans to have Musk join its board of directors. That deal would have prevented Musk from owning more than 14.9% of Twitter’s outstanding stock for as long as he’s a board member and for 90 days after.