Twitter shares jumped a lot more than 4% in the premarket on experiences the business is nearing a deal with Elon Musk that could be announced as shortly as Monday.

Musk earlier this month provided to obtain Twitter for $54.20 a share, or about $43 billion. The social media company experienced been anticipated to drop a deal and experienced adopted a so-named “poison capsule” to fend off a prospective hostile takeover. Having said that, Twitter grew to become far more receptive to a bid following Musk unveiled he secured $46.5 billion in funding.

Twitter’s board fulfilled Sunday to talk about Musk’s funding prepare for his proposed bid, a resource near to the problem instructed CNBC.

Bloomberg and Reuters described the two sides could achieve an agreement as quickly as Monday. The board negotiated with Musk into the early several hours of Monday, according to The New York Occasions.

It can be unclear what a closing offer could look like, and Reuters reported Monday that an agreement could even now slide apart. Twitter has not been capable to protected a “go-shop” settlement yet, which would let it to glance for other bids once it symptoms an arrangement, according to Reuters. The organization could still accept an additional bid if Musk pays a crack-up price, it extra.

Wall Street was most likely to perspective the news of Twitter’s openness to a bid “as the starting of the end for Twitter as a general public corporation with Musk possible now on a path to purchase the enterprise except a 2nd bidder comes into the combine,” Wedbush analyst Dan Ives explained in a Sunday take note.

Twitter declined to comment. Tesla shares were being down about 2% in the premarket.

The Tesla and SpaceX CEO has been on a tear to obtain the social media firm. He had designed up additional than 9% in inventory and turned down an give to be part of the board in advance of placing in a bid for the company.

Musk, an avid Twitter user, has argued it needs to be “remodeled” into a personal corporation so it can grow to be a forum for totally free speech. He is also claimed Twitter’s board members’ pursuits “are basically not aligned with shareholders” and that the board “owns just about no shares” of the firm.