For the past month, there’s been talks between Twitter and the Tesla Mogul, Elon Musk, to buy actions on the company. It seems that after negotiations, Twitter has finally accepted Musk’s juicy offer as they announced this Monday. Twitter has accepted U.S. entrepreneur Elon Musk’s buyout offer for about $44 billion and will cease trading on the stock exchange.
After a morning of speculation and Wall Street suspended trading in the face of an impending deal, the company said in a statement that Musk, through an entity, will pay $54.20 per share in the buyout.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where issues vital to the future of humanity are debated,” the Tesla founder and world’s richest man said in the note.
“I also want to make Twitter better than ever by powering the product with new features, making algorithms open source to increase trust, defeating ‘spam’ ‘bots,’ and authenticating all humans,” he added.
According to details provided on the deal, it has been unanimously approved by the board and is expected to reach completion this year following the green light from shareholders, regulators and other customary conditions.
Twitter’s independent chairman of the board, Bret Taylor, explained that the body has evaluated Musk’s proposal with a focus on “value, certainty and financing,” and deemed it beneficial to shareholders.
For his part, the company’s top executive Parag Agrawal, added in the note: “Twitter has a purpose and relevance that touches the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
Text courtesy of EFE