Twitter has accepted Tesla CEO Elon Musk’s offer to buy the social media platform.
According to a press release on Monday, Twitter’s board agreed to Musk’s offer to buy the company for roughly $44 billion, or $54.20 per share.
Twitter will become a private company after the deal is completed.
BREAKING NEWS: Elon Musk to officially acquire Twitter, press release from the company: https://t.co/yrDiJn1yPO
— Tom Winter (@Tom_Winter) April 25, 2022
Bret Taylor, Twitter’s Independent Board Chair, said in a press release, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.”
“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” he added.
Parag Agrawal, Twitter’s CEO, said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
In a statement, Musk said, “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.”
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” he added.
Musk announced earlier this month that he made an offer to buy the company, as IJR reported.