Twitter Inc set a deal to sell itself to Elon Musk for $54.20 per share in cash

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Twitter Inc is all set for a deal to sell itself to Elon Musk for $54.20 per share in cash - the amount that the Tesla CEO originally offered to the social media giant and called his “best and final”, people familiar with the matter said. The report, citing sources, added that Twitter may announce the 43 billion in cash deal later on Monday once its board has met to recommend the transaction to Twitter shareholders.

Twitter and Musk did not immediately comment on the development.

The world's richest person has been negotiating to buy Twitter in a personal capacity.

Twitter shares were up 4.5 per cent in pre-market trading in New York on Monday at $51.15.

Musk has said Twitter needs to be taken private to grow and become a genuine platform for free speech.

Musk has been meeting with Twitter shareholders in the last few days, seeking support for his bid.

On Sunday, facing the pressure of shareholders, Twitter Inc kicked off deal negotiations with Musk. The Tesla and SpaceX chief had made the offer earlier this month. Musk had shaken up Twitter after he shared his letter on the micro-blogging site.

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