Twitter’s board has unanimously agreed to sell the platform in its entirety to Elon Musk for a deal valued at $44 billion, the company announced on Monday.
Stockholders will receive $54.20 per share by Mr Musk as part of the deal, a 38 per cent premium over the social platform’s closing stock price on April 1. The deal is expected to be completed by the end of the year.
“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,” Mr Musk said in the statement.
“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”
Twitter shares on Monday were trading up more than 6 per cent at about $52.00.
TNW
