Twitter shares climbed +6% in the afternoon, on reports that the microblogging company is nearing a deal with Elon Musk that could be announced as soon as Monday.
The Wall Street Journal reported that the deal was expected by market close.
Earlier this month, Tesla CEO Musk offered to buy Twitter for $54.20 a share, or about $43 billion. Twitter had adopted a so-called poison pill to avoid a potential hostile takeover. However, Twitter became more agreeable to a bid after Musk revealed he secured $46.5 billion in financing.
A source familiar with the matter told CNBC that the company’s board met Sunday to discuss Musk’s financing plan for his proposed bid. According to Bloomberg and Reuters, the two parties could reach an agreement as soon as Monday.