Twitter has agreed to be acquired by Elon Musk in a deal that values the company at $ 44 billion, the board announced Monday afternoon.
“The proposed transaction will generate a substantial cash premium and we believe it is the best way forward for Twitter shareholders,” Bret Taylor, chairman of the company’s independent board of directors, said in a statement.
Musk, the CEO of Tesla and SpaceX, reiterated his plans to revive Twitter as a forum dedicated to promoting free speech.
“Freedom of expression is the foundation of a functioning democracy, and Twitter is the city’s digital hub where vital issues for the future of humanity are debated,” it said in a statement.
Musk also said he plans to “make open source algorithms to increase trust, defeat spam bots and authenticate all humans” on the platform.
The billionaire revealed earlier this month that he had become Twitter’s largest shareholder and soon after proposed to buy the company directly and privately. The Twitter board initially resisted the offer, adopting one anti-opa measure known as the poison pill.
The board decided to negotiate after Musk updated his proposal to show he had secured funding, according to media reports.
This is a developing story.
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- Elon Musk
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