The microblogging platform Twitter has accepted Elon Musk’s offer to buy the company and take it private.
In confirming the $44 Billion deal, 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.”
The app would become private once the deal is sealed and Twitter shareholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the transaction. The purchase price represents a 38 percent premium to the company’s closing price on April 1, the day before Musk announced he had amassed a 9 percent stake in the company.