Elon Musk has finally reached agreement with the Twitter management to buy the social media giant.
According to information released to the public today, Twitter has officially accepted Elon Musk’s offer to purchase the social media company.
The company is to be purchased for $54.20 per share.
Therefore, the gross value of the sale is estimated to be around $44 billion.
As soon as the sale becomes successful, Twitter will become a private company owned by Elon Musk.
After the sale was finalized by both parties, Elon Musk said in a statement:
“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 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.”
However, according to the Twitter CEO, Parag Agrawal,
“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.”
Meanwhile, this development is coming a few weeks after Elon Musk became Twitter’s largest shareholder.
Elon Musk at a point wanted to join Twitter’s board, but cancelled that decision and ended up being sued by shareholders.
Notwithstanding, today, it was rumored that the platform would accept his offer.
Elon Musk made it clear that his main aim of purchasing Twitter is to allow every human being a freedom of speech. And also 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.
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Sources: Justjared.com, Prnewswire.com