Elon Musk has agreed a deal to buy Twitter for about $44bn.
This was confirmed on Monday after Twitter board agreed that the company be taken over at $54.20 a share.
Musk had earlier said he intends to transform the platform by taking it private.
In a statement announcing the deal, he had said, “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.
“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 spambots, and authenticating humans.”
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In a statement confirming the transaction, Twitter’s Independent Board Chair, Bret Taylor, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Twitter’s Chief Executive Officer, Parag Agrawal, added, “Twitter has a purpose and relevance that impacts the entire world.”
Recall that on April 4, Elon Musk announced that he had purchased 9.1 per cent of Twitter, making him one of the largest shareholders of the company.
On April 14, Elon Musk announced his offer to buy Twitter for $54.20 a share.
Meanwhile, a former US President Donald Trump has vowed not to return to Twitter if his account was reinstated following the purchase of the platform by Musk, announced on Monday.
The Republican leader said he would be using his own site, Truth Social, although he appears only to have posted once since its launch in February.
“I am not going on Twitter, I am going to stay on TRUTH,” Trump said, according to FoxNews.com, adding that Musk was a “good man” who would improve the service.