The world's richest man, Elon Musk, is the new owner of Twitter after sealing a $44 billion deal.
Just last week Tesla's CEO announced his bid to fully acquire Twitter and take it off the stock market after he became the platform's largest shareholder, but the board declined his offer then.
Last night, Twitter has announced that it has accepted Musk’s offer to acquire the publicly traded company at $54.20/share, valuing the social media platform at $44 billion.
"The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing," Twitter’s Independent Board Chair Bret Taylor said of the deal. "The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders."
From his side, Musk emphasized on how "free speech" is key to Twitter’s future.
According to Twitter, the transaction was unanimously approved by the board, and will most probably be closed this year after the shareholder and regulatory approval and "the satisfaction of other customary closing conditions." Until those matters are resolved, it’s not a done deal.
It's worth noting that Musk has been one of Twitter’s controversial users with more than 84 million followers, and he's been known for harshly criticizing the platform.
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