Elon Musk is reportedly in talks with the board of Twitter over his bid to acquire the microblogging site, amid reports that the billionaire has secured $46.5 billion capital to take the company private.

Musk had offered over $40 billion to buyout shareholders of Twitter, just after he bought 9.1% stake in the company. His acquisition plan had previously met walls from the board, but according to New York Times, discussions have started.

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Negotiations between the two parties kicked off overnight into Monday morning, persons with knowledge of the deal told the U.S publication. This was after the board met to discuss the details of the deal on Sunday.

The new development comes after Dubai government’s investment vehicle, Kingdom Holding Company, a stakeholder of Twitter, publicly rejected the offer from Musk.

Also, Vanguard Group had increased its stake in Twitter to 10.3%, surpassing Musk’s 9.2% to become the largest stakeholder in the social media company.

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