International news sites reported on Monday that Elon Musk, the founder of Tesla, had officially accepted Twitter’s $44 billion acquisition deal.
Shortly after the announcement that Twitter trade had been ceased, the social media firm issued a press release indicating that it had accepted Musk’s offer to take the social network private.
“The Twitter Board went through a thorough and thoughtful process to evaluate Elon Musk’s proposal, focusing on value, certainty, and finance.” Twitter’s Independent Board Chair Bret Taylor told reporters, “The proposed acquisition will generate a considerable cash premium, and we believe it is the best path ahead for Twitter’s stockholders.”
According to the press announcement, the cash acquisition for $54.20 per share is worth approximately $44 billion. Twitter will become a private corporation once the transaction is completed. The announcement puts an end to a drama that began when Musk hinted at a large investment in the company. Soon after, Twitter declared that Tesla CEO Elon Musk would join the board of directors, only for Musk to retract his statement a few days later. Later, he made his “best and last” offer to buy Twitter for $54.20 per share, valuing the company at about $43 billion.
“Free speech is the backbone of a functional democracy, and Twitter is the digital town square where subjects crucial to humanity’s future are debated,” Musk stated in a statement included in Twitter’s news release. I also want to make Twitter better than it has ever been by adding new features, opening up the algorithms to increase trust, combating spam bots, and authenticating all humans. Twitter has enormous potential, and I’m excited to work with the company and the Twitter community to realise it.”
If the deal is finalised, Musk will own Twitter, making him the world’s wealthiest person and someone who has been a vociferous critic of the network while using it in legally problematic ways, most notably through sensitive tweets about his car firm, Tesla.
Though Musk has stated that his primary interest in Twitter stems from the company’s suppression of free speech, his critics are right to be concerned that the billionaire’s control over the platform could result in the silencing of their voices, as well as the voices of others with whom he allegedly picks an argument.
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