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A deal between Twitter and Elon Musk could possibly be introduced Monday.
JOSH EDELSON/AFP by way of Getty Images
Shares of
surged Monday after the social media firm met with Elon Musk to debate the
Tesla
chief government’s $43 billion takeover bid.
The Wall Street Journal reported Twitter (ticker: TWTR) and Musk met Sunday to debate the billionaire’s proposal and have been making progress. Barron’s was informed by an individual aware of the matter that the deal could possibly be introduced Monday. The Journal famous there have been no ensures {that a} deal might be reached.
Twitter, which was anticipated to rebuff Musk’s supply (it went as far as to undertake a so-called poison tablet to thwart Musk’s proposal), grew extra receptive to the bid after Musk revealed final week that he has the funding to take Twitter non-public.
Musk, nevertheless, informed Twitter Chairman Bret Taylor in latest days that he received’t budge on value, a few of the individuals aware of the matter informed the Journal. Musk has mentioned his supply made earlier this month of $54.20 a share supply is his “best and final” supply.
Twitter stories earnings on Thursday.
Analysts surveyed by FactSet count on Twitter to publish first-quarter revenue of 5 cents a share on income of $1.23 billion. A 12 months earlier, Twitter earned 16 cents a share on income of $1.04 billion.
Wedbush analyst Dan Ives mentioned Twitter’s earnings “likely will not be rainbows and smiles thus putting further pressure on the company around this game of high stakes poker with the Musk bid looming.”
Twitter was up 4.2% to $50.98. Coming into Monday buying and selling, the inventory has risen greater than 13% this 12 months, together with a achieve of practically 7% since Musk launched his bid.
Write to Joe Woelfel at joseph.woelfel@barrons.com