The billionaire made the suggestion to banks as a way to attract lenders, according to Reuters. Musk reportedly secured $13 billion in loans secured against Twitter and a $12.5 billion margin loan tied to his Tesla stock. The rest of the $44 billion purchase would be paid in cash.

These promises are a ‘vision’ rather than a firm commitment, and the exact decisions that will be taken to cut Twitter’s costs are unclear. The plan was reportedly “thin on detail”.

READ MORE

Twitter employees blast Elon Musk takeover at emergency meeting

Camila is the face of Victoria s Secret first bilingual campaign

In now-deleted tweets, Musk suggested features for Twitter’s Blue subscription service – including a lower price and banning advertising.

It was also reported that the billionaire would also reduce executive and board pay in a way to cut costs.

Parag Agrawal

Musk has also lined a up a new chief executive for Twitter, one of the sources added, but would not say who the new head would be.

Such a move would be controversial after former head of Twitter Jack Dorsey praised Parag Agrawal, the current chief executive, and said that both Musk and Agrawal were aligned on the goals of the platform.

“In principle, I don’t believe anyone should own or run Twitter,” Dorsey tweeted on 26 April. “It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.

Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one. This is also [Mr Agrawal’s] goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path...I believe it with all my heart.”

Dorsey did not respond to The Independent’s request for comment before time of publication. Musk and Twitter did not respond to The Independent’s request for comment before time of publication.

The deal for Musk to buy Twitter may yet not go through. Either party could pull out of the deal by paying a $1 billion penalty.

A potential contender could also approach Twitter – at which point they would have to give Musk four days to make a better offer. If Twitter accepts a superior offer from another person or company, they would have to pay the penalty to Musk.

In a statement after the deal was announced, the Tesla chief called free speech “the bedrock of a functioning democracy”, and that Twitter is the “digital town square where matters vital to the future of humanity are debated”.