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Musk, Twitter could reach deal, close buyout: source

STORY: Billionaire Elon Musk and Twitter are close to an agreement to end their court battle in coming days, a source close to the matter told Reuters.

That would put the world’s richest person in charge of one of the most influential media platforms.

Tesla CEO Musk proposed to Twitter late on Monday (October 3) that he would stick to his April offer of 44 billion dollars if Twitter dropped its litigation against him.

Both sides have agreed to postpone the billionaires' deposition in court which was due on Thursday (October 6), the source added, but negotiations are far from over.

A full resolution is expected to take more time.

The case ended up in court after Musk tried to walk away from buying Twitter in July, alleging he had been misled about fake accounts.

Twitter shares closed at 51.30 on Wednesday (October 5) after the stock hit its highest level since Musk and Twitter agreed in April he would buy it for 54.30 dollars a share.

However, Tesla stock ended down 3.5% on Wednesday as investors worry that Musk might have to sell more shares to fund the Twitter deal.

Apollo Global Management and Sixth Street partners which were looking to offer up a combined one billion are no longer in talks with the Tesla CEO.