Twitter will be acquired by Elon Musk for $44 billion.
A month earlier, the richest man in the world began buying shares in the company, complaining that the social media network wasn’t doing enough to ensure free speech.
He had been rebuffed for weeks before the two sides struck a deal over the weekend that became official on Monday.
The purchase price of $54.20 US per share represents a 38 per cent premium to what the shares were worth before Musk’s stake became public.
The Twitter board analyzed Elon Musk’s proposal with a deliberate focus on value, certainty, and financing, Twitter chair Bret Taylor said. “We believe the proposed transaction will deliver substantial cash premiums to Twitter’s stockholders, and believe it is the best path forward for Twitter.”
