Musk, who has said he wants to buy Twitter in order to restore the platform’s adherence to free speech principles, will pay $54.20 per share for the company, which he has vowed to take privat…
to buy the company — bringing an end to a weekslong saga and ushering in a new era for the struggling social-media platform.
“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,” Musk said 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.
The board met on Monday to discuss Musk’s proposal after shareholders warmed to the idea of a takeover.that Musk wooed investors with the particulars of his proposal, which was initially met with resistance from some of the company’s largest stakeholders. But after Musk secured $46.5 billion in financing, investors pressured the board to seriously consider the offer. Musk and board members negotiated on Sunday and continued discussions into the early hours of Monday morning,Twitter was unable to secure a so-called “go-shop” provision from Musk which would have allowed it to solicit other bids from potential buyers after the deal was signed, it was reported earlier on Monday.
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