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.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk said in the proposal. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”
Contributing: Scott Gleeson, Maria Jimenez Moya, The Associated Press
Follow Brett Molina on Twitter: @brettmolina23.