Twitter’s Board of Directors has approved Elon Musk’s offer to purchase the social media firm and take it private in a transaction valued at about $44 billion, the company announced Monday.
The company accepted the billionaire’s proposal of $54.20 per share.
“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important,” said CEO Parag Agrawal in the corporate announcement.
“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,” said Musk in a 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.”
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