It's Official! Elon Musk Is Buying Twitter For Approximately $44 Billion
Musk has repeatedly stressed in recent days that his goal is to bolster free speech on the platform and work to "unlock" Twitter's "extraordinary potential."
Twitter has finally reached its deal to sell the micro-blogging platform. Twitter has agreed to sell itself to Elon Musk in a deal valued at around $44 billion, the company confirmed on Monday.
The final decision of Musk to buy twitter has been followed by a whirlwind of drama between Twitter and him.
The deal comes after Musk revealed that he had lined up $46.5 billion in financing to acquire the company last week.
Reuters
Twitter's board had met Sunday to evaluate Musk's offer. The deal would put the world's richest man in charge of one of the world's most influential social media platforms.
Musk has repeatedly stressed in recent days that his goal is to bolster free speech on the platform and work to "unlock" Twitter's "extraordinary potential."
I hope that even my worst critics remain on Twitter, because that is what free speech means
¡ª Elon Musk (@elonmusk) April 25, 2022
"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Musk said in his offer letter to Twitter.
"However, since making my investment, I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."
According to TechCrunch, multiple news outlets had reported that Twitter's board has considered Musk's funded offer over the weekend, with the corporate governing body's attitude towards the request changing following Musk's outlining of his plan to source the funds to make real his USD 46.5 billion offer to buy the company.
After initially meeting up on Sunday, Twitter's board entered into negotiations with Musk on Monday morning to hammer out additional details.
Twitter
Twitter's board had even instituted a 'poison pill' policy to block Musk from acquiring a much more significant ownership position in the company, as per TechCrunch.
Unsplash
On April 4, 2022, Musk announced that he had purchased 9.1 percent of Twitter which made him the largest shareholder of the social media platform, and sent the company's stock price soaring.
Twitter responded by offering him a board seat, a move that would have restricted him to owning just 15 percent of the company. At first, he said yes but later changed his mind and said no.
(With ANI inputs)
