Twitter in talks with Elon Musk over bid to buy platform: Reports
Washington, Apr 25: Twitter's board is negotiating with Elon Musk over his bid to buy the social media platform and a deal could be announced as early as Monday, according to media reports.
Twitter and Musk negotiated into the early hours Monday over his bid to buy the social media platform, The New York Times reported, less than two weeks after the billionaire first revealed a massive stake.
Musk said last week that he had lined up USD 46.5 billion in financing to buy Twitter, putting pressure on the company's board to negotiate a deal.
The Times, citing people with knowledge of the situation who it did not identify, said the two sides were discussing details including a timeline and fees if an agreement was signed and then fell apart. The people said the situation was fluid and fast-moving.
Before the opening bell Monday, shares of Twitter Inc. rose 5%.
Twitter had enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive. But the board decided to negotiate after Musk updated his proposal to show he had secured financing, according to The Wall Street Journal, which was first to report the negotiations were underway.
Also, a rival bidder to Musk may not be stepping up any time soon, fearful of the byzantine task of moderating content on the platform, something that Musk has vowed to do less of.
The Twitter Board could not find a white knight and with Musk's financing detailed the clock has essentially struck midnight for the board which is why negotiations have begun to get a deal done, said Dan Ives, who follows Twitter for Wedbush Securities.
On April 14, Musk announced an offer to buy the social media platform for USD 54.20 per share, or about USD 43 billion, but did not say at the time how he would finance the acquisition.
Last week, he said in documents filed with U.S. securities regulators that the money would come from Morgan Stanley and other banks, some of it secured by his huge stake in the electric car maker.
Twitter has not commented.
Musk has said he wants to buy Twitter because he doesn't feel it's living up to its potential as a platform for free speech.
In recent weeks, he has voiced a number of proposed changes for the company, from relaxing its content restrictions such as the rules that suspended former President Donald Trump's account to ridding the platform of its problems with fake and automated accounts.
Musk is the world's wealthiest person, according to Forbes, with a nearly USD 279 billion fortune. But much of his money is tied up in Tesla stock he owns about 17 per cent of the company, according to FactSet, which is valued at more than USD 1 trillion and SpaceX, his privately held space company. It's unclear how much cash Musk has.
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Three arrested in Gurugram for aiding Chinese cyber fraud syndicate
Gurugram (PTI): The Gurugram Cyber Police has arrested three men for allegedly providing calling support to a Chinese fraud syndicate, officials said on Wednesday.
According to the officials, a 20-port physical SIM box and a laptop were seized from them. These arrests come after a woman from Nagaland was held in connection with the same case.
The arrested accused have been identified as Karma (32) from Nagaland, and Lobsang Tsultim (33) and Ngawang Gyaltsen (35), both from Himachal Pradesh. Karma and Tsultim were arrested on February 14. Gyaltsen was intercepted on February 16 near Majnu Ka Tila in Delhi while attempting to flee to Nepal.
Police said the accused, during questioning, revealed that they were using SIM boxes to facilitate fraudulent calls targeting Indian citizens.
Karma and Lobsang Tsultim admitted to installing virtual SIM boxes in Gurugram on the instructions of a Chinese national named Tsega, they said.
These setups, which included 20 mobile phones, were capable of making over 20,000 calls a day. Tsega, allegedly used an application to contact Indian citizens for various crimes, including gaming and investment fraud, they said.
Tsultim and Gyaltsen were born in China and have lived in India as refugees for 15 years. Fluent in Chinese and Taiwanese, they communicated with Tsega via WeChat, a platform banned in India since 2020, they added.
ACP Cyber Priyanshu Dewan said the three accused were produced in court on Wednesday and have been sent to judicial custody.
"We are working to identify others involved in the network," he added.
