According to reports, Twitter has accepted Elon Musk’s offer of buying Twitter. Twitter confirms sale of company to Elon Musk for $44 billion. The Tesla and SpaceX Founder and CEO had earlier called the offer, also valued at $54.20 per share, his “best and final” in the offering document.
Twitter confirms sale of company to Elon Musk for $44 billion
Twitter Inc. on Monday accepted Elon Musk’s bid to take over the company, which would give the world’s richest man control over the influential social-media network where he is also among its most powerful users.
The deal marks the close of a dramatic courtship and a sharp change of heart at Twitter, where many executives and board members initially opposed Mr. Musk’s takeover approach. The deal has polarized Twitter employees, users and regulators over the power tech giants wield in determining the parameters of acceptable discourse on the internet and how those companies enforce their rules.
The two sides worked through the night to hash out a deal. Earlier on Monday, The Wall Street Journal reported Twitter and Mr. Musk had reached an agreement to value Twitter at $44 billion.
The takeover, if it goes through, would mark one of the biggest acquisitions in tech history and will likely have global repercussions for years to come related to how billions of people use social media.
Musk-Twitter Deal Values Company at Around $44 Billion
The news is confirmed: Elon Musk has agreed to buy Twitter Inc. in a deal valued at about $44 billion, moving the world’s richest man a step closer to taking control of the social-media platform.
Twitter shareholders will receive $54.20 per share in cash, a 38% premium to Twitter’s closing stock price on April 1, the last trading day before Mr. Musk disclosed his roughly 9% stake in the company.
Shares of Twitter, which were halted when the deal was announced, rose 5.9% to $51.80 after news of the agreement.
In the news release announcing the deak, Mr. Musk reiterated his push to soften Twitter’s stance on content moderation. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” he said.
He also promised other new features, such as “making the algorithms open source to increase trust, defeating the spam bots and authenticating all humans.”
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