Twitter’s board accepted billionaire Elon Musk’s offer to buy the social media company and take it private, the company confirmed.
The announcement ends a weekslong saga Musk kicked off when he offered to buy the company at $54.20 per share, his “best and final.”
Twitter’s board sought to fend off a hostile takeover by adopting a so-called poison pill.
“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,” Musk said in a statement included in the press release announcing the $44 billion deal.
“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.”
The cash deal at $54.20 per share is valued at around $44 billion, according to the press release. Twitter would become a private company on completion of the deal, which requires shareholder and regulatory approval.
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