Update: The deal has gone through, with Elon Musk acquiring Twitter for approximately $44 billion, instead of the originally reported $46.5 billion.

Tesla CEO Elon Musk is in active negotiations with Twitter to purchase the social media platform. While Twitter initially shrugged off Musk‘s intentions to purchase the company, attitudes appear to have changed after Musk confirmed he had secured $46.5 billion in financing.

Musk and Twitter were negotiating into the early hours of Monday morning. According to sources close to the situation, the negotiations mainly revolved around timelines, as well as what would happen if the deal fell apart after both sides had agreed to it.

According to Forbes, Musk is currently the world’s richest person, with a fortune of $279 billion.