Tesla (NASDAQ:TSLA) chief Elon Musk tweeted, “I hope that even my worst critics remain on Twitter because that is what free speech means” on Monday.
The tweet preceded news that Twitter (NYSE:TWTR) will accept Musk’s bid to take the social media platform private.
What Happened: While no deal has been officially announced, sources close to the situation told Reuters that Twitter is expected to accept Musk's "best and last" offer of $54.20 per share as soon as Monday after the market closes.
According to The Wall Street Journal, this comes just four days after Musk obtained the necessary financing to take control of the company and just one day after Musk met with several shareholders who then took the bid more seriously.
The hashtags #RIPTwitter and #TwitterTakeover are trending on the social media platform, with over 5,000 and 8,000 tweets tagging the phrases. Reactions have been mixed, with some people disapproving of the purchase and others supporting Musk's acquisition.
The speculated news has already impacted the stock, which is up 5% on Monday to $51.40, a high not seen since November 2021.
If the deal is completed, Twitter would be Musk's sixth company and the third most valued, behind Tesla and SpaceX.
TSLA, TWTR Price Action: Tesla shares were trading down 0.86% at $996.40 Monday afternoon, while shares of Twitter were 5.03% higher at $51.39, according to data from Benzinga Pro.
Photo courtesy of Tesla.
