Elon Musk and Twitter have finally struck a deal after weeks of negotiations, announcing the Tesla CEO bought the social network this Monday evening, for the sum of USD 44 billion.
An avid Twitter user himself, garnering over 82 million followers, Musk’s unsolicited offer to take the company private disrupted the scene.
Musk managed to convince Twitter’s board of directors to take over the social media site and app, who then had a meeting to recommend the deal to shareholders.
Company executives opened the door to negotiations on April 21, after Musk released a detailed plan showing how he’d finance a deal where he would acquire more than 15% of shares.
The hefty price for one of the world’s most popular social media platforms was described by Musk as his “best and final” offer since initial speculations about the purchase began.
“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,” the Tesla chief executive said in a statement.
“Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it,” concluded the CEO.
Twitter’s stock is expected to be valued at $54.20 in cash per share following this acquisition.
In the wake of the impending announcement, Twitter’s stock was abruptly suspended on Wall Street pending the new buyout, according to the NYSE.
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