Twitter has accepted Elon Musk’s takeover bid, as the billionaire insists his social media ambitions are about free speech.
’s roughly $44 billion takeover bid, the company announced on Monday afternoon. In a massive shake-up for the social media platform, the tech billionaire, who previously held a 9% stake in Twitter, acquired all of its remaining shares for $54.20 each. Twitter is now set to become a privately held company.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” said Twitter’s independent board chairmanin a Monday announcement. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders.
In a statement of his own, Musk emphasized his commitment to “free speech,” calling it “the bedrock of a functioning democracy” while noting that “Twitter is the digital town square where matters vital to the future of humanity are debated.” He vowed to make Twitter “better than ever.” Until recently, a Musk takeover of Twitter was hardly a sure thing, as it was not apparent if Twitter was on board or if Musk could even feasibly finance the bid. (On April 14, he
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