Twitter’s (TWTR) board of directors has accepted a $44 billion U.S. takeover offer from Elon
Musk.
Discussions over the deal, which last week appeared in doubt, accelerated over the weekend
after Musk said he had secured funding to support his offer.
Under pressure, Twitter started negotiating with Musk to buy the company for $54.20 U.S. per
share.
The deal ends Twitter's run as a public company since its 2013 initial public offering (IPO) as
Musk plans to take the social media giant private.
The deal to buy Twitter shifts control of the social media platform populated by millions of users
to the world's richest person. Musk, the chief executive of electric vehicle maker Tesla (TSLA),
has a net worth that has been estimated at more than $250 billion U.S.
“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 written statement.
Twitter's shares closed at $51.70 yesterday (April 25), up 6% on the day and up 21% for the
year.
